Milo Hamilton

President and Senior Economist|Firstgrain, Inc.

2024 Abstract - WILL THE RICE PRICE SIMMER DOWN IN 2024?: The rice market increased its price volatility in 2023. Will it follow the price pattern of the Russian/Ukrainian wheat markets, which rose up in 2022, then crashed in 2023. So far, as of August 2024, USDA is forecasting a modest impact from the Indian rice ban on price, production or level of trade. The theory is that as rice price rises, import demand will cut back. There will be little or no panic stockpiling of rice. Considering what happened during El Nino shortage situations in 1966, 1973/74, or 2008, the rice price in July/ August 2023 saw modest price gains. At the 2024 Cotton & Rice Conference, I will update you on the rice market and the outlook for 2024.