Rice : Were trading below $17 cwt, the lowest since August 18th, on expectations of higher supply and a slowdown in global demand as global economic growth is abating.
Vietnam’s rice exports in the January-September period are estimated to have risen by about 19.3% from a year earlier to 5.4 million tonnes.
On top of that, monsoon rains, which were delayed in parts of India’s northern and eastern rice-producing regions, have improved, boosting crop prospects in the world’s largest rice supplier. Still, concerns over tightening supplies remain.
The USDA, in its September rice trading outlook report, indicated that the 2022/23 global rice production was lowered by 4.4 million tons to 508.0 million tons.
The first year-to-year decline since 2015/16, largely due to reduced production forecasts for China, India, Pakistan, Sri Lanka, and the US.
Top rice exporter India has recently restricted rice exports on growing concerns about grain stocks after erratic weather hurt the harvest.