Market Report

April 6, 2011
U.S.D.A. World Market Price:
World Market Price This week Last week 1 Year Ago 2010 Loan WMP and Loan Rates
LDP
Value Factors 04/06/10 03/30/10 04/07/10 Factors ‘10 crop L/G M/G
Long Grain To be 19.00 16.19 00.00 9.91 Yield 52.78/14.31 61.03/8.69
Medium Grain issued 18.67 15.90 00.00 9.65 WMP 11.95 12.56
Short Grain April 6 18.67 15.90 00.00 9.65 Loan 6.23 6.50
Brokens 8:30am 13.44 11.15 - 7.01 Difference (5.72) (6.06)

Posting: (April/May Shipment)

Southern U.S. - Long Grain Abbreviation Quote Basis
U.S. #2 Long Grain, max. 4% Broken, Hard Milled #2/4% $22.75 per cwt. sacked, F.A.S. U.S. Gulf
U.S. #2 Long Grain, max. 4% Broken, Hard Milled #2/4% $22.75 per cwt, BULK, FOB Vessel US Gulf
U.S. #2 Long Grain, max. 4% Broken, Hard Milled #2/4% $23.25 per cwt. containerized FOB US Gulf
U.S. #2 Long Grain, max. 4% Broken, Hard Milled #2/4% $555.00 per mt sacked delivered Laredo TX
U.S. #2 Long Grain, max. 4% Broken, Hard Milled #2/4% $24.25 per cwt sacked delivered Miami FL
U.S. #3 Long Grain, max. 15% Broken, Hard Milled #3/15 $21.75 per cwt. sacked, F.A.S. U.S. Gulf
U.S. #3 Long Grain, max. 15% Broken, Hard Milled #3/15 $545.00 per mt sacked delivered Laredo TX
U.S. #2 Long Grain Brown, max. 4% Broken, 75% yield #2/4/75 no quote per mt bulk FOB vessel NOLA
U.S. #1 Parboiled L/G Brown, max. 4% Broken, 88% yield #1/4/88 no quote per mt bulk FOB vessel NOLA
U.S. #1 Parboiled L/G MILLED, max. 4% Broken (except 0.8% damage) #1/4 Parb no quote per mt sacked FOB vessel NOLA
U.S. #1 Parboiled L/G MILLED, max. 4% Broken #1/4 Parb $625.00 per mt bulk FOB vessel NOLA
U.S. #2 Long Grain Paddy, 55/70 yield #2 55/70 $290.00 per mt bulk F.O.B. vessel NOLA
Long Grain, max. 20% broken, Hard milled (Ghana specs) #4/20/hm $20.75 per cwt. sacked, F.A.S. U.S. Gulf
U.S. #5 L/G, max. 20% broken, WELL MILLED #5/20/wm $20.25 per cwt. sacked, F.A.S. U.S. Gulf
Southern U.S. - Medium Grain
U.S. #2 Medium Grain, max. 4% broken, Hard Milled #2/4% no quote per mt bulk FOB vessel NOLA
U.S. #2 Medium Grain Paddy, 58/69 yield #2 58/69 no quote per mt bulk FOB vessel NOLA
Southern U.S. - Package Quality
Package Quality Parboiled L/G, max. 4% broken (0.8% damage) Pkg. Parb. $28.00 per cwt. bulk F.O.B. mill
Package Quality Long Grain Milled, max. 4% broken Pkg. L/G $22.00 per cwt. bulk F.O.B. mill
Package Quality Long Grain Milled, max. 4% broken (select variety) Pkg. L/G $24.00 per cwt. bulk F.O.B. mill
Package Quality Long Grain Brown Rice, max. 4% broken Pkg. Br. $31.00 per cwt. bulk F.O.B. mill
Package Quality Medium Grain Milled, max. 4% broken Pkg. M/G $35.00 per cwt. bulk F.O.B. mill
California - Medium Grain
U.S. #1 Medium Grain, max. 4% Broken #1/4 $835.00 per mt sacked containerized FOB Mill
U.S. #1 Medium Grain, max. 4% Broken #1/4 $875.00 per mt sacked containerized Oakland
U.S. #1 Medium Grain milled rice, except max. 7% Broken (Japan Specs) #1/7% $875.00 per mt sacked in 30kg bags FOB vessel
U.S. #3 Medium Grain Brown rice, max. 8% broken (Korea Specs) #3 Brown $810.00 per mt in totes containerized Oakland
U.S. #1 Medium Grain Paddy, 58/69 yield #1 58/69 $550.00 per mt bulk ex-spout Sacramento CA
California - Package Quality
Package Rice for Industrial Use and Repackers #1/4% $37-$38 per cwt. bulk F.O.B. Mill
U.S. South Brokens:
Flour Quality brokens Flour Qlty $15.00 per cwt. bulk, F.O.B. rail
Pet Food Quality / #4 Brewers (milled) contracts M/A $13.50 per cwt. bulk, F.O.B. rail
U.S. California Brokens:
Flour Quality brokens Flour Qlty $19.00 per cwt. bulk, F.O.B. mill
Pet Food Quality / #4 Brewers contracts M/A $14.00 per cwt. bulk, F.O.B. mill
Copyright © 2011 Creed Rice. Co., Inc. All Rights reserved www.creedrice.com

April 6, 2011 - Page 1 of 4

Far East Report
SOUTHEAST ASIAN MARKETS
In Thailand, perhaps the biggest news is the
procurement of 200,000 mt of PB 5% from local
exporters for a G to G sale to Bangladesh. As far as fresh
opportunities, as is often the case, the focus is on the
upcoming IGB tender that closes April. 11 for reply Apr.
18. The tender calls for 30,000 mt for May/June delivery,
but we fully anticipate significantly larger tonnage being
confirmed if prices are found to be attractive. In my view, Thailand
seems to have the best chance of garnering the business, or at least
a major portion of it, when one considers all factors...quality, FOB
value, and freight, along with the ability to meet the delivery period...
we shall see.
As regards prices, Thai quotes have vacillated up and down over
the past few weeks $5-10 per mt. Currently, 100% B is quoted at
$490-500 per mt FOB Bangkok; 5% is $470-475, and parboil $495-
500.
Elsewhere, fresh demand is relatively thin, as buyers have
seemingly stepped back, awaiting further price decreases with the
arrival of the Thai second crop, along with the main season harvest in
Vietnam. Most of the low grade regular white rice business is going
to Vietnam, as prices are $10-15 per mt lower...historically a very
narrow spread, but with the global economy in decline over the past
2 years, every little bit in price seems to make a difference
to someone.
In Vietnam, the market has stabilized and prices have
even rallied a little over the past 2-3 weeks and are within
about $10 of Thai prices. Viet 5% is quoted at $465 per mt
FOB HCMC; whilst 25% is $430.
Vessel activity has been moderate to good with 72,200 MT
completed loading for the week ending Mar 31 with an additional
104,725 MT still under load. The completions were primarily the last
of the Indonesian business that mandated March arrival, along with
2 smaller vessels for Malaysia (also G to G business Vinafood II).
The rice that is currently loading is a combination of private traders
selling internationals for West Africa, Vinafood I G to G
Cuban shipments, along with one VNF II vessel for The
Philippines. In fact, according to print media reports
today, Cuba and Vietnam have confirmed a new 250,000
mt G to G sale.
The undertone of the market in this region is mostly steady, with
great anticipation as to when NFA will fully begin their 2011 import
campaign. Over 250,000 mt in import licenses have been awarded to
local importers in Manila, but no purchases have been made yet. The
total projected import need is nominally placed at 1.4 MMT, however
some traders feel that number will end up being larger...we shall see.
Thailand Exports
Jan. 1 - Mar. 22, 2011: 2,690,301 mt
Jan. 1 - Mar. 22, 2010: 1,939,164 mt
Jan. 1 - Mar. 25, 2009: 1,891,796 mt
INDIA, PAKISTAN, AND BANGLADESH
For lack of a better phrase, “the talk of the town” in
India continues to revolve around the possible easing of
the export ban. As mentioned in our report last week,
the government has granted exceptions to a few specialty
non- Basmati varieties on a limited quantity in certain
provinces. And, although this past Bangladesh tender
went Thai rice, there is that possibility looming. In any
event, officially, the export ban is still in tact.
Otherwise, this market is fairly quiet, but one to watch
very closely as a change in export policy could have dramatic global
supply ramifications. For the record, we stick to our position that
the government will follow political protocol by keeping the ban
in place, but exercise exceptions where humanitarian
considerations are at stake (mostly regional core markets).
In Pakistan, there is very little change in the market as
prices are mostly sideways and exports limited to container
shipments and border trading. IRRI-6 5% is quoted at
$470-490 per mt FOB Karachi (depending on quality and
supplier), 25% is $425-435. Parboil is quoted at $530-535, which is
considerably higher than either Thailand or Brazil.
We look at this market as stable, and will likely stay that way, at
least near term.

OFFSHORE QUOTES
Thailand Vietnam India Pakistan Uru. Arg. Brazil
100%B $490.00 5% $465.00 Export ban, MEP $900
5% $470.00 5% N/A 5% $480.00 $520.00 $520.00
10% $465.00 10% $460.00 10% N/A 10% no quote $510.00 $510.00
15% $460.00 15% $450.00 15% N/A 15% no quote no quote no quote
25% $445.00 25% $430.00 25% N/A 25% $430.00
Parb. 5% N/A Parb 5% $530.00 $480.00
Brokens $395.00 Brokens $410.00 Var. 1121 $1350 Parb 15%* $515.00
Parb. 100B sorted $495.00 MEP-5% $490.00 Basmati Brokens $390.00 Paddy
Thai Hom Mali $900.00 MEP-25% $470.00 Traditional $1800 Basmati $310.00
Frag. Brokens $420.00 Pusa $1300 S. Kernal $1300.00
All prices basis U.S. dollars per metric ton, F.O.B. vessel, corresponding home port *Bangladesh Specs.

Copyright © 2011 Creed Rice. Co., Inc. All Rights reserved www.creedrice.com

April 6, 2011 - Page 2 of 4

 CBOT Rough Rice Futures (04/04/11 Volume: 1,268 Open Interest: 24,390)
Contract Tuesday’s Close Net Change From Prices
Month Price Monday Last Report One Year Ago 04/06/10
‘11 May $14.110 UP 0.195 UP 0.255 ‘10 May $12.975
‘11 Jul $14.425 UP 0.195 UP 0.260 ‘10 Jul $13.275
‘11 Sep $15.165 UP 0.185 UP 0.235 ‘10 Sep $12.675
‘11 Nov $15.450 UP 0.170 UP 0.230 ‘10 Nov $12.780
‘12 Jan $15.710 UP 0.175 UP 0.180 ‘11 Jan $13.075
‘12 Mar $15.970 UP 0.180 UP 0.125 ‘11 Mar $13.365

U.S. Paddy Market Report California - No new trading reported this week. 2010 Calrose M/G last
Texas - The market is mostly quiet with no new trading reported. Buyers’ traded at $13.90 - $14.05 per cwt over loan. 2011 new crop last traded at
price ideas are still $6.00 per cwt over loan. New crop planting continues $13.50 per cwt over loan.
with about 70% completed. Reflective Prices (all basis per cwt FOB country, 2010 Crop)
Louisiana - The market is fairly quiet with long grain bids $11.25 per cwt Texas Louisianna Mid-South California
FOB farm. No bid for medium grain new crop at this time. Planting of new Long grain 11.50-12.50 11.50 $10.25b/11.25a *
crop continues with southwest La. about 75% completed.
Med Grain * 14.50 new crop $17.25 $20.55
Mid South - Bids for long grain are $11.00 per cwt loaded barge up-river L/G is #2 55/70, M/G is #2 58/69 (California #1)
for May shipment while sellers’ price ideas are $12.00 per cwt loaded barge. * - These areas do not have sufficient supplies of this type to quote.
Planting is just beginning and has been interrupted by rain.

U.S. Report
U.S. GULF, FUTURES, & MERCOSUR
The market in the Gulf remains very quiet, amid thin offshore
demand. As iterated in our report last week, the mills are pretty
busy through April and with some business on the books for May,
but beyond that is wide open.
As regards offshore business, the two recent USDA
government tenders totaling 62,000 mt have provided
some welcome relief, and Haiti shipments continue
on a fairly regular monthly basis. Of particular note,
is that there appears to be licenses being issued in
the Dominican Republic, which will provide some
business, albeit relatively small.
The good news having been stated, the reality is
that without at least some Iraq business, or unforeseen
similar in quantity, the outlook going forward is a bit
grim. And, as aforementioned on several occasions,
Iraq does not appear to be very promising of an outlet for our
exportable surplus for the balance of this crop year...I hope I am
wrong.
Prices are somewhat softer, as mills desperately try to attract
new business. #2-4% is quoted at $515-525 per mt bagged FOB
vessel, or about $25 per mt lower for bulk.
Paddy prices are very difficult to isolate as the basis off the
board is still around -$3.00 bid with offers at least $1.00 higher.
This translates to bid/asked equivalents of around $265/$290 bulk
FOB NOLA...amid very little trading.
Last week USDA released their 2011 Prospective Planting
report. The most glaring feature of the report is the dramatic
decrease in long grain acreage (see page 4 for details). However,
given a carry-over of over 40 million cwts, and substantially higher
field yields compared to the poor 2010 crop, then adequate supply
Copyright © 2011 Creed Rice. Co., Inc. All Rights reserved www.creedrice.com
should not be a problem.
Of particular note, are our friends in Brazil who
are in the midst of harvesting what is a record, or near
record crop of 13.4 MMT by our latest estimates. Brazil
has done an excellent job of garnering market share in West
Africa from Thailand, in particular brokens and parboil.
Parboil prices today in bulk are about $15 per mt below
the Thai quotes.
Uruguay and Argentina are also harvesting large
crops (1.5 and 1.7 MMT respectively) and will be strong
competition for the U.S. Gulf. So far, the reports on
quality in all of these South American producers are
excellent.
CALIFORNIA, AUSTRALIA & THE “MED”
As the expression goes, same ole song, second verse, as it
is business as usual for the California industry. The mills are
busy, the growers are getting good prices, and the outlook is
bright...in sharp contrast with the South.
Prices are mostly sideways, but firm, with #1-4% quoted at
$37-38 per cwt. bulk FOB mill, or $875 CY Oakland.
Vessel loadings and shipments continue to move
forward to Japan and Libya, in spite of the unique
issues those two countries face...so far, so good, as
they say.
Australia is currently harvesting their crop, still
projected to be in the range of 800,000 mt, basis
paddy.
In short, the undertone of the market is strong, and the
outlook very positive.

April 6, 2011 - Page 3 of 4

Upcoming Tenders: USDA Export Sales Highlights
April 11 IRAQ tender to buy 30,000mt of of long grain milled rice. (March 18 - 24, 2011)
Sales
Tenders Results:
April 5 KCCO MR-22-041 tender to buy 37,010mt of of rice: Ship- Net sales of 15,800 MT--a marketing-year low--were down
ping periods for inland plants (unless otherwise noted): May 1 to May 86 percent from the previous week and 81 percent from the
15, 2011 and/or May 16 to May 31, 2011. Results Pending. prior 4-week average. Increases were reported for :
Ghana (6,000 MT)
Upcoming Events: Mexico
Guatemala
(2,600 MT)
(1,300 MT)
June 7-9, 2011 TRT Americas Conference 2011 Canada (1,100 MT)
Hotel Riu Plaza Panama, Panama City, Panama Jordan (1,000 MT)
For more info go to: http://trtamericas.com/ Decreases were reported for:
June 26-30, 2011 USA Rice Millers’ Association Convention Switzerland (100 MT)
Singapore (100 MT)
Exports
USDA Prospective Planting
Rice Area Planted by Class - States and United States: 2009-2011
--------------------------------------------------------------------------- Exports of 70,900 MT were up 29 percent from the previous
: Area planted
Class and State:----------------------------------------------------------
week and 9 percent from the prior 4-week average. The
: 2009 : 2010 : 2011 1/ : Percent of primary destinations were:
: : : : previous yr
--------------------------------------------------------------------------- Mexico (12,800 MT)
: ----------- 1,000 acres ----------- percent Panama (9,700 MT)
Long grain :
Arkansas .......: 1,260 1,595 1,180 74 Honduras (8,900 MT)
California .....: 5 6 5 83 Guatemala (8,100 MT)
Louisiana ......:
Mississippi ....:
415
245
500
305
420
200
84
66
Haiti (7,000 MT)
Missouri .......: 199 250 195 78 Source: USDA
Texas ..........: 166 185 165 89
United States ..: 2,290 2,841 2,165 76
:
Medium grain :
Arkansas .......: 225 195 220 113
California .....: 505 510 530 104
Louisiana ......: 55 40 50 125
Missouri .......: 3 3 7 233
Texas ..........:
United States ..:
5
793
4
752
5
812
125
108 USDA Crop Progress
:
Rice Planted - Selected States -- Week Ending
Short grain :
Arkansas .......: 1 1 1 100 April 3, March 27, April 3, 2006- 2010
State
California 2/ ..: 51 42 40 95 2010 2011 2011 Avg.
United States ..: 52 43 41 95
: Arkansas 7 (NA) 7 7
All :
California - (NA) - -
Arkansas .......: 1,486 1,791 1,401 78
California .....: 561 558 575 103 Louisiana 48 (NA) 57 42
Louisiana ......: 470 540 470 87
Mississippi ....: 245 305 200 66 Mississippi 9 (NA) 6 4
Missouri .......: 202 253 202 80
Missouri - (NA) - 1
Texas ..........: 171 189 170 90
United States ..: 3,135 3,636 3,018 83 Texas 33 (NA) 67 48
1/ Intended plantings in 2011 as indicated by reports from farmers.
2/ Includes sweet rice.
6 States 13 (NA) 16 13

Rice Co-Products - Spot market prices basis $ per short ton bulk, FOB mill (virtually no spot supply available for sale in South, except hulls)
Texas Louisiana Arkansas California
Bran: $110-$115 $110 Not Available ($110) $120
Mill Feed: $45 $30 Not Available ($40)
Ground Hulls: $5 $5 $15
Unground Hulls: $5 $5 $12 $10 - 13

Creed Rice Co. Inc.  800 Wilcrest Suite 200  Houston, Texas 77042  USA
Ph 1.713.782.3260  Fax 1.713.782.4671  www.creedrice.com  email: ricecreed@aol.com & creedinc@swbell.net
Brokers • Consultants • Market Reports • Arbitrators
Copyright © 2011 Creed Rice. Co., Inc. All Rights reserved www.creedrice.com

April 6, 2011 - Page 4 of 4