Rice crop futures now 20% over crop insurance projected price estimates for February. Rice planting progress has mostly caught up to the 5-year average across many key states like Arkansas.

Analyst Comment: Supply and demand in action. Rice prices appear to be headed higher, so despite bad weather, rice farmers have been planting quickly and expanding plantings to take advantage of higher expected prices. This will help a bit with coming food shortages, but grain production shortfalls look very nasty.