Thurs Jan 9th, Futures markets will have abbreviated trading hours in observance of a national day of mourning for former President Jimmy Carter. Read the press release here. Regular trading hours will resume tomorrow.
Rough Rice Sep '24 (ZRU24)
Barchart Symbol | ZR |
Exchange Symbol | ZR |
Contract | Rough Rice |
Exchange | CBOT |
Tick Size | 1/2 cent per cwt ($10.00 per contract) |
Margin/Maintenance | $1,540/1,400 |
Daily Limit | $1.05 per cwt ($2,100 per contract) Expanded limit $1.60 |
Contract Size | 2,000 cwt |
Months | Jan, Mar, May, Jul, Sep, Nov (F, H, K, N, U, X) |
Trading Hours | 7:00p.m. - 9:00p.m. and 8:30a.m. - 1:20p.m. (Settles 1:15p.m.) (Sun-Fri) CST |
Value of One Futures Unit | $2,000 |
Value of One Options Unit | $2,000 |
Last Trading Day | The business day prior to the 15th calendar day of the contract month |
Description
Rice is a grain that is cultivated on every continent except Antarctica and is the primary food for half the people in the world. Rice cultivation probably originated as early as 10,000 BC in Asia. Rice is grown at varying altitudes (sea level to about 3,000 meters), in varying climates (tropical to temperate), and on dry to flooded land. The growth duration of rice plants is 3-6 months, depending on variety and growing conditions. Rice is harvested by hand in developing countries or by combines in industrialized countries. Asian countries produce about 90% of rice grown worldwide. Rough rice futures and options are traded at the CME Group.
Prices - CME rough rice futures price (Barchart.com symbol ZR) on the monthly nearest-futures chart in 2023 closed the year down -4.1% yr/yr at $17.305 per hundredweight (cwt).
Supply - World rice production in the 2023/24 marketing year is expected to rise by +0.1% to 767.016 million metric tons. The world's largest rice producers are expected to be China with 26.9% of world production in 2023/24, India with 25.8%, Indonesia with 7.3%, Bangladesh with 7.1%, Vietnam with 5.6%, and Thailand with 4.0%. US production of rice in 2023/24 is expected to rise by +36.4% yr/yr to 9.901 million metric tons.
Demand - World consumption of rice in 2023/24 is expected to fall by -0.1% yr/yr to 520.289 million metric tons. US rice consumption in 2023/24 is expected to rise by +11.7% yr/yr to 5.144 million metric tons.
Trade - World exports of rice in 2023/24 is expected to fall by -5.3% yr/yr to 51.497 million metric tons. The world's largest rice exporters will be India with 31.1% of world exports, Thailand with 15.9%, Vietnam with 14.8%, Pakistan with 9.7%, the US with 5.2%, and Cambodia with 3.8%. US rice imports in 2023/24 are expected to rise by +5.3% yr/yr to a new record high of 1.334 million metric tons. US rice exports in 2022/23 are expected to fall by -19.7% yr/yr to 2.096 million metric tons.
Information on commodities is courtesy of the cmdty Yearbook, the single most comprehensive source of commodity and futures market information available. Its sources - reports from governments, private industries, and trade and industrial associations - are authoritative, and its historical scope for commodities information is second to none. The CRB Yearbook is part of the Barchart product line. Please visit us for all of your commodity data needs.