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Internationally Price Of Rice Hit Down From $16.5 To $15.4 After USDA Stocks Reports

Rice: were trading around $15.4 per hundredweight, sliding slightly from a 20-month high $16.5 hit on March 4th on expectations of higher supply.

The USDA sees world rice ending stocks at a record 190.5 million, up 4.2 million tons from February, as increased supplies from India and Thailand are set to offset a rise in global consumption.

Traders bet that rice may become a cheap alternative to wheat after global wheat supplies tightened amid war between Russia and Ukraine, the world’s two major wheat exporters.

Also, the West’s trade sanctions on Russia are stopping the shipments of fertilizer from Russia pushing its prices higher. Rising costs for farmers could spur a lower fertilizer use, triggering lower crop yields and pushing up the rice prices even higher.

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