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Rice Market’s Recent Bull Trend Reflects Flooding

The rice market has mostly followed the other grain markets in recent months, but the price pattern has been closer to the corn market than the wheat market. While Corn moved down to its summer lows on the recent break, rice market managed to hold well above its late June lows. In other words, rice has exhibited a better bull trend than corn, and while wheat has remained in a general downtrend with a series of lower highs and lower lows, rice has been in a steady uptrend this year with a series of high er highs and higher lows. The October flooding situation in Thailand and surrounding communities could be a real game-changer for the rice market and may hold it in an uptrend into early 2012.