Market Outlook

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Indonesia’s 2024 Import Forecast Raised 600,000 Tons to 2.0 Million

The only revision this month to the U.S. 2023/24 rice balance sheet is an 845,000 hundredweight (cwt) reduction in the production forecast to 219.7 million, still 37 percent larger than a year earlier. The downward revision is based on a 30-pound per acre decrease in the yield to 7,707 pounds per acre, just 2 pounds below the 2021/22 record. Total supplies were lowered fractionally to 288.9 million cwt, still 20 percent larger than a year earlier. Exports remain forecast at 86.0 million cwt, and total domestic and residual use remains forecast at a record 162.0 million cwt. The slightly smaller production forecast reduced ending stocks to 40.9 million cwt, up 35 percent from a year earlier.

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