Ok, so here’s another one of these “what hath Harvey wrought” fun factoids.
There are going to be a lot of these in the days ahead.
A few minutes ago we noted that RV stocks are on the move (get it?) on Monday as at least one firm expects to see robust demand tied to aid efforts.
Well also getting a lift on Monday were rice futures. “Rough rice futures for Nov. delivery are up 0.1% to $12.72 per 100 pounds after reaching $12.88, the contract’s highest since debut in September,” Bloomberg notes.
If you look at the generic, we’re sitting at levels last seen in October of 2015:
“Heavy rain from Hurricane Harvey will hurt any rice remaining in Texas fields,” Dennis DeLaughter, market analyst at VantageRM in Austin, Texas, told Bloomberg in a phone interview. “What may be driving the market the most is if you look at the hurricane center’s track for what is left of Harvey, it puts it right in the middle of Delta rice country.”
Ok, so who’s long rice?
I mean, besides this guy….
The producers will have a bountiful 2nd cutting in late Oct-early Nov & their cost should be lower because they will not have to pay for so much water to flood the fields