By Andi Anderson
The Department of Agriculture's Commodity Credit Corporation has unveiled the latest prevailing world market prices for milled and rough rice, alongside corresponding MLG/LDP rates for the 2023 crop. Effective today at 7:00 a.m., Eastern Time (ET), these updates mark a significant shift in the rice market.
The rates show a decline in rough rice prices for both long grain and medium/short grain varieties compared to the previous announcement. Notably, the prevailing world market prices and MLG/LDP rates rely on U.S. milling yields and corresponding loan rates.
Farmers like Cheryl Walsh, operating Cowser’s Family Sow Farm, express concerns about the impending changes. Compliance with Proposition 12 could potentially affect infrastructure and sow capacity, impacting the future of family businesses like hers.
Conversely, animal rights advocates like Wayne Pacelle emphasize the humane aspects, citing the need for better animal welfare practices in agricultural settings.
The next announcement, scheduled for November 29th, 2023, is anticipated to shed further light on the evolving landscape of rice prices and their cascading effects on the market.
The changes in rice prices and associated rates reflect the dynamic nature of the agricultural industry, influencing farmers, consumers, and stakeholders alike.
Photo Credit: istock-digitalsoul
Categories: Illinois, Crops