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Market Update: Rice Hits 4-week High
Chicago rough rice futures fell to around $12.2 per hundredweight, a level not seen since December 2020 on oversupply concerns. According to the FAOs June 2021 food outlook, global production in 2021/22 was forecasted at a record 519.1 million tonnes, up 1% on an annual basis. Meanwhile, overall world trade of rice was forecasted at 47.9 million tonnes, down from 48 million tonnes a year earlier. In India, the worlds second largest producer, the meteorological department said the monsoon rains had arrived earlier-than-usual to the nations central and northern regions, which will help farmers accelerate rice sowing in the summer and could drive crop yields higher. [/s2If]
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