Market Report

June 1, 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 06/01/11 05/25/11 06/02/10 Factors ‘10 crop L/G M/G
Long Grain To be 18.50 14.36 00.00 9.91 Yield 52.78/14.31 61.03/8.69
Medium Grain issued 18.18 14.09 00.00 9.65 WMP 11.64 12.23
Short Grain June 1 18.18 14.09 00.00 9.65 Loan 6.23 6.50
Brokens 8:30am 12.96 9.89 - 7.01 Difference (5.41) (5.73)

Posting: (June Shipment)

Southern U.S. - Long Grain Abbreviation Quote Basis
U.S. #2 Long Grain, max. 4% Broken, Hard Milled #2/4% $23.00 per cwt. sacked, F.A.S. U.S. Gulf
U.S. #2 Long Grain, max. 4% Broken, Hard Milled #2/4% $23.00 per cwt, BULK, FOB Vessel US Gulf
U.S. #2 Long Grain, max. 4% Broken, Hard Milled #2/4% $23.50 per cwt. containerized FOB US Gulf
U.S. #2 Long Grain, max. 4% Broken, Hard Milled #2/4% $560.00 per mt sacked delivered Laredo TX
U.S. #2 Long Grain, max. 4% Broken, Hard Milled #2/4% $24.50 per cwt sacked delivered Miami FL
U.S. #3 Long Grain, max. 15% Broken, Hard Milled #3/15 $22.00 per cwt. sacked, F.A.S. U.S. Gulf
U.S. #3 Long Grain, max. 15% Broken, Hard Milled #3/15 $550.00 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 $600.00 per mt bulk FOB vessel NOLA
U.S. #2 Long Grain Paddy, 55/70 yield #2 55/70 $280.00 per mt bulk F.O.B. vessel NOLA
Long Grain, max. 20% broken, Hard milled (Ghana specs) #4/20/hm $21.00 per cwt. sacked, F.A.S. U.S. Gulf
U.S. #5 L/G, max. 20% broken, WELL MILLED #5/20/wm $20.50 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 $21.50 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 $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 $14.00 per cwt. bulk, F.O.B. mill
Copyright © 2011 Creed Rice. Co., Inc. All Rights reserved www.creedrice.com

June 1, 2011 - Page 1 of 4

Far East Report
SOUTHEAST ASIAN MARKETS
In Thailand, after several months of a bearish
undertone, the market is a bit firmer today. Prices
are up about $5-10 per mt, depending with whom
you talk.
The reasons for the apparent reversal in trend is an
interesting set of circumstances that vary from the prospect of
a rival party taking office, media reports of drought in parts of
China, completion of the dry season harvest, and short coverage
by exporters in the local market. If the “Pheu Thai” party
takes over the government later this summer, and it appears
as though they will, they have stated that they will replace the
price insurance agriculture policy with an intervention policy
that will include much higher paddy prices to the
farmers.
Add to the aforementioned, an award by IGB,
which is our educated guesstimate, and it appears
as though 5% has found new support at around
$475 per mt FOB. However, we do not anticipate any kind of
dramatic rally in the market near term, but last quarter of 2011
may be a different story...that remains to be seen...some traders
seem to think so.
100% B is quoted at $490-495 per mt FOB Bangkok; 5%
is $470-475, and parboil is at par with white rice.
Brokens are quite firm at $410, as is fragrant at $930.
In Vietnam, the market conditions are softer with
prices now back down below Thai values by about
$10. 5% is quoted at $460-465 per mt FOB HCMC;
25% is around $435-440. In contrast to recent developments in
Thailand, the tone is more on the bearish side of the equation,
partly because a correction was due when Viet
parities rose equal to or higher than Thai values a few
weeks ago. The $64,000 question continues to revolve
around The Philippines short term, and Indonesia
on the back side of the year.
We anticipate the market here will remain soft,
as the Summer/Autumn crop is around the corner,
which will add to the supply side of the equation.
Thailand Exports
Jan. 1 - May 12, 2011: 4,409,805 mt
Jan. 1 - May 12, 2010: 2,962,858 mt
Jan. 1 - May 14, 2009: 3,161,294 mt
Thai Baht 30.10-30.15 : 1 US Dollar
INDIA AND PAKISTAN
In India, the situation remains a bit cloudy, as no
clear cut lifting of the export ban on non-Basmati
rice has taken place, although the government has
allowed paddy to move from state to state in the interest of
attempting to alleviate storage issues. The India Times reported
on Tuesday that even educational institutions are being used
to store paddy, as government godowns are overrun with
intervention stocks. Government held buffer rice stocks are at
a record 28 MMT, in addition to 31 MMT of wheat. So far, the
government has purchased 26 MMT from the 2010-2011 rice
crop. As referenced in several of our previous reports, there
have been exceptions granted to the ban. Case in point would
be Bangladesh. In the meantime, the monsoon season began
on Sunday, two days earlier than expected, which bodes well
for the crop being planted this summer.
In short, for now the government will maintain the ban,
and await the outcome of the new legislation under the food
security bill. Any decision on opening up exports rests with
this political process...”clear as mud”, as the ole’
expression goes.
In Pakistan, The market remains quite firm as old
crop stocks are beginning to become a bit tight. IRRI-
6 5% is now quoted at $495-500 per mt FOB Karachi;
whilst 25% is around $455-460. Total exports of coarse rice
have exceeded 2 MMT with over 1 MMT of Basmati. The
bottom line is that the horrendous flooding last summer still
yielded a relatively decent crop, in view of the circumstances.
Planting of the new monsoon crop is now getting underway.

OFFSHORE QUOTES
Thailand Vietnam India Pakistan Uru. Arg. Brazil
100%B $495.00 5% $460.00 Export ban, MEP $900
5% $475.00 5% N/A 5% $500.00 $515.00 $515.00
10% $470.00 10% $455.00 10% N/A 10% no quote $505.00 $505.00
15% $465.00 15% $445.00 15% N/A 15% no quote no quote no quote
25% $455.00 25% $430.00 25% N/A 25% $455.00
Parb. 5% N/A Parb 5% $550.00 $500.00
Brokens $410.00 Brokens $405.00 Var. 1121 $1350 Parb 15%* $535.00 Brokens
Parb. 100B sorted $495.00 MEP-5% $490.00 Basmati Brokens no quote $410.00
Thai Hom Mali $930.00 MEP-25% $470.00 Traditional $1800 Basmati Paddy
Frag. Brokens $470.00 Pusa $1300 S. Kernal $1300.00 $290.00
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

June 1, 2011 - Page 2 of 4

 CBOT Rough Rice Futures (05/27/11 Volume: 1,025 Open Interest: 22,354)
Contract Tuesday’s Close Net Change From Prices
Month Price Friday Last Report One Year Ago 06/01/10
‘11 Jul $15.060 DOWN 0.125 DOWN 0.070 ‘10 Jul $11.560
‘11 Sep $16.045 DOWN 0.085 UP 0.015 ‘10 Sep $11.610
‘11 Nov $16.350 DOWN 0.080 UP 0.015 ‘10 Nov $11.720
‘12 Jan $16.665 DOWN 0.065 UP 0.050 ‘11 Jan $12.010
‘12 Mar $16.980 DOWN 0.020 UP 0.105 ‘11 Mar $12.300
‘12 May $17.210 EVEN 0.000 UP 0.105 ‘11 May $12.595

U.S. Paddy Market Report
Texas - No change. The market is still mostly quiet. Buyers’ ideas
for L/G are $5.75-$6.75 per cwt over loan depending on variety. The
drought in Texas continues.
California - The market heated up last week with the Japan and
Korea tender announcements. Calrose paddy was bid at $14.50 per
cwt over loan with offers $1 higher. This week bids are back to $13.00
per cwt over loan, with sellers asking if the $14.50 is still there.

Louisiana - Long grain bids for old crop are unchanged at $11.50 per
cwt FOB farm. New crop is bid slightly higher at $11.75.
Reflective Prices (all basis per cwt FOB country, 2010 Crop)
Mid South - The rain has finally stopped and there is a little planting Texas Louisianna Mid-South California
taking place but one has to wonder if it will be too little, too late. At Long grain $12.25-13.25 $11.50 $10.50b/11.11a *
this point, we are projecting Arkansas acreage to be about 1.1 million
Med Grain * 14.50 new crop $17.25 $20.50
acres. The cash market is mostly quiet. Bids are around $11.50 per
cwt loaded barge with offers at 50 cents to a dollar higher. L/G is #2 55/70, M/G is #2 58/69 (California #1)
* - These areas do not have sufficient supplies of this type to quote.

U.S. Report
U.S. GULF, MERCOSUR, & FUTURES
The market remains extremely quiet, with prices relatively
steady. Even though offshore demand is thin, strong futures
prices continue to send mixed messages to the cash market, which
inspires growers to hold for higher prices. And, concerns over the
effect of recent flooding in the Mississippi Delta on planted acreage,
has lent psychological support for the market. Unfortunately, this
has not been realized in the form of fresh business.
Offers were submitted over the weekend to Iraq, but we
anticipate Thai rice will likely prevail once again. Although
very little market share has been lost in Haiti, the unnavigable
Mississippi river has delayed some shipments. The latest status
of the river is that barges are moving down river, but amid a lot of
pent up traffic and well behind normal steaming time...slow but
steady improvement of conditions.
Our best guesstimate is that acreage will be down in Arkansas
from 1.7 million acres in 2010 to 1.1 planted this year.
For nominal purposes, we are quoting #2-4% at $520-530 per
mt bagged FOB or around $500-510 basis bulk, but biddable.
The overall undertone of the market feels soft to me, aside from
the side issues related to futures and the lost acreage. Simply put,
it just is not translating into fresh demand.
Our revised Mercosur crop:
1- Brazil -- 13.5 MMT
2- Argentina -- 1.7 MMT
3- Uruguay -- 1.65 MMT
Of particular note is the firmness in the Brazilian market
Copyright © 2011 Creed Rice. Co., Inc. All Rights reserved www.creedrice.com
account a squeeze on short covering of both brokens and Parboiled.
CALIFORNIA, AUSTRALIA & THE “MED”
There was a bit of excitement in the market
early last week when both Korea and Japan floated
tenders. Paddy bids jumped from $13.50 to $14.50
per cwt. over loan with growers expectations about
$1.00 higher. However, when the Japanese results
were in, namely a price that reflects around $13 over,
the bids were withdrawn. There was only one U.S.
cargo of 13,000 mt sold at somewhere around $785-800 per
mt on a FAS basis, well below any of the 2010 sales. To say the
least, the hysteria short lived last week is now gone.
In the meantime, Australia also sold 12,000 mt.
This is the 1st Japanese MA tender for the 2011
campaign.
Since it is unclear as to where to call the quoted market,
we are leaving our prices unchanged this week...i.e. $875 CY
Oakland.
No change is the Australian new crop production of 800,000
MT. Of particular note: The share holders voted down the
proposal from Ebro Puleva to take over. No word yet about
any new proposals.
As regards the Mediterranean, another shipment to Libya is
being milled and shipped in June, as are shipments elsewhere
in the region.
The global outlook on M/G remains positive.

June 1, 2011 - Page 3 of 4

Upcoming Tenders: USDA Export Sales Highlights
May 29 Iraq tender to buy 60,000mt for reply June 6. (May 13 - 19, 2011)
June 2 Korea tender to buy:
11,000mt of Medium/Short Grain Brown rice, #3 or better, global origin 2010-2011 Sales
crop, custom cleared Aug-Oct. 5000mt of Indica Long grain brown, #3 or better, global Net sales of 59,000 MT were up 21 percent from the previous week
origin, 2011 crop, customs cleared July-Sept. 13,000mt non-glutinous Long grain and 35 percent from the prior 4-week average. Increases were
brown, #3 or better, Thai origin, 2011 crop, customs cleared July-Sept. 21,000mt non- reported for:
glutinous medium grain, #3 or better, global origin 2010-2011 crop, customs cleared
Aug-Oct. 5000mt of non-glutinous medium grain brown, #3 or better, Australian Mexico (16,700 MT)
origin, 2011 crop, customs cleared July-Sept. Japan (9,800 MT)
June 7 KCCO Inv. 2000000193 tender to buy 1140mt: (420mt of Taiwan (5,700 MT)
Canada (4,700 MT)
#5/20% L/G Parb well milled, 210mt of #5/20% L/G Well Milled, and 510mt Jamaica (3,600 MT)
of #5/20% Long or Medium Grain well milled, for inland plant shipment July) Decreases were reported for:
Saudi Arabia (700 MT)
Tenders Results:
May 24 KCCO Inv. 2000000164 bought only: Exports
1790mt of #5/20% L/G well milled at $442.60 per mt Intermodal Houston, Net sales of 500 MT for delivery in 2011/2012 were for Mexico.
2000mt of #2/4% Long grain Hard milled in 25kg bags at $523.00 -$534.02 per mt Exports of 107,000 MT were up 10 percent from the previous
Intermodal Chicago also 1400mt at $572.85 per mt Intermodal Houston, week and 66 percent from the prior 4-week average. The primary
590mt of #2/7% long grain Parboiled well milled at $623.75 - $635.85 per mt Intermo- destinations were:
dal Houston - Intermodal Chicago. Panama (27,100 MT)
May 26 AARQ tender for TRQ certificates, Results pending. Mexico (22,200 MT)
May 27 Japan MA tender bought 13,000mt of US Medium grain milled Japan (10,800 MT)
rice at $785 per mt FAS. Also, 12,000mt of Australian medium grain milled Canada (6,100 MT)
rice, 2011 crop. South Korea (6,000 MT)
May 31 Taiwan tender to buy 6134 mt of Australian medium/short grain, Source: USDA
lowest offer at NT25,689, not confirmed.
Upcoming Events:
USDA Crop Progress June 7-9, 2011 TRT Americas Conference 2011
Rice Condition - Selected States: Week Ending May 29, 2011
---------------------------------------------------------------------------- For more info go to: trtamericas.com
State : Very poor : Poor : Fair : Good : Excellent
---------------------------------------------------------------------------- June 26-30, 2011 USA Rice Millers’ Association Convention
: percent
: For more info go to: www.usarice.com
Arkansas .......:
California .....:
Louisiana ......:
5
-
3
14
-
6
44
20
29
29
40
52
8
40
10
Please note:
Mississippi ....:
Missouri .......:
-
3
1
19
13
37
56
41
30
-
June 8 No Creed Rice Market Report to be issued account our atten-
Texas ..........: 1 2 53 37 7 dance at the TRT Americas Conference.
:
6 States .......: 3 9 35 39 14 June 29 No Creed Rice Market Report to be issued account our atten-
: dance at the RMA convention.
Previous week ..: 2 12 37 38 11
Previous year ..: - 3 23 57 17
----------------------------------------------------------------------------
- Represents zero.

Rice Planted - Selected States -- Week Ending Rice Emerged - Selected States -- Week Ending
May 29, May 22, May 29, 2006- 2010 May 29, May 22, May 29, 2006- 2010
State State
2010 2011 2011 Avg. 2010 2011 2011 Avg.
Arkansas 99 84 93 96 Arkansas 97 63 81 90
California 89 75 90 87 California 36 15 40 54
Louisiana 100 99 100 99 Louisiana 99 98 99 98
Mississippi 99 94 99 97 Mississippi 94 84 94 92
Missouri 100 53 88 97 Missouri 100 32 57 90
Texas 100 98 99 99 Texas 92 81 82 95
6 States 98 84 94 95 6 States 88 61 77 86

Rice Co-Products - Spot market prices basis $ per short ton bulk, FOB mill (very limited supply in the South, except hulls)
Texas Louisiana Arkansas California
Bran: $120 $135 $135 $150-$155
Mill Feed: $50 $60 $60 -
Ground Hulls: $5 $5-$7 $15 -
Unground Hulls: $5 $5-$7 $12 $3-$5

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
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June 1, 2011 - Page 4 of 4