For 2017/18, global production is revised lower this month on smaller crops in Bangladesh, Sri Lanka, and the United States. Consumption is down fractionally, while stocks continue to grow with additional carryin supplies in Thailand. Global trade is revised higher this month to just below the 2014 record. The U.S. season-average farm price is raised. For 2016/17, global production is raised even further to a new record. Trade is revised up on increased demand from Bangladesh, the Philippines, and Sri Lanka.
Over the past month, Asian quotes have generally declined, while those in the Western Hemisphere have risen. Thai and Indian quotes have converged around $410/ton, pressured lower by new crop supplies. Likewise, Pakistani and Vietnamese quotes have both settled just under $400/ton in the midst of their respective harvests. The Uruguay quotes crept up to $505/ton, while U.S. quotes rose to $530/ton, pressured higher in part by fresh demand from the Middle East.