July 15 (Bloomberg) -- Global production of rough rice, the staple for half the world’s population, may be less than estimated earlier this year after prolonged dry weather in the Mekong River region hurt crops, the United Nations said.
Output may be 704.4 million metric tons this year, or 470 million tons of milled grain, the U.N.’s Food and Agriculture Organization said in a report yesterday after paring estimates for harvests in Asia, including Thailand. That compares with April’s forecast for record output of 710 million tons. Global demand was projected at 461 million tons of milled grain, yesterday’s report said, up from April’s forecast of 454 million.
Dry weather pushed water levels in the Mekong to their lowest level in 30 years near Thailand’s border with Laos, the Thai government said in March. The river also runs through China, Myanmar, Cambodia and Vietnam and the areas that rely on it for irrigation grow enough rice to feed 300 million people, according to the Mekong River Commission website.
“The pattern of the monsoon rains over Asia will hold particular sway” for prices, the e-mailed report said. Rainfall will determine India’s potential return to the global market as a rice supplier or lower the availability of exports from countries including Thailand and Pakistan, it said.
India’s monsoon, the main source of irrigation for the nation’s 235 million farmers, was 13 percent below normal as of yesterday, the India Meteorological Department said on its website. The monsoon was 16 percent below normal in June.
The FAO’s Rice Price Index, a gauge of 16 prices from around the world, fell 15 percent between January and June on better-than-expected output in India, the world’s second-largest grower and consumer of the grain.
Rice futures in Chicago, which peaked last December at $16.27 per 100 pounds on concern that India may become a net importer for the first time in more than two decades, traded today at $9.84 per 100 pounds.
--Editors: Jake Lloyd-Smith, Matt Oakley
Output may be 704.4 million metric tons this year, or 470 million tons of milled grain, the U.N.’s Food and Agriculture Organization said in a report yesterday after paring estimates for harvests in Asia, including Thailand. That compares with April’s forecast for record output of 710 million tons. Global demand was projected at 461 million tons of milled grain, yesterday’s report said, up from April’s forecast of 454 million.
Dry weather pushed water levels in the Mekong to their lowest level in 30 years near Thailand’s border with Laos, the Thai government said in March. The river also runs through China, Myanmar, Cambodia and Vietnam and the areas that rely on it for irrigation grow enough rice to feed 300 million people, according to the Mekong River Commission website.
“The pattern of the monsoon rains over Asia will hold particular sway” for prices, the e-mailed report said. Rainfall will determine India’s potential return to the global market as a rice supplier or lower the availability of exports from countries including Thailand and Pakistan, it said.
India’s monsoon, the main source of irrigation for the nation’s 235 million farmers, was 13 percent below normal as of yesterday, the India Meteorological Department said on its website. The monsoon was 16 percent below normal in June.
The FAO’s Rice Price Index, a gauge of 16 prices from around the world, fell 15 percent between January and June on better-than-expected output in India, the world’s second-largest grower and consumer of the grain.
Rice futures in Chicago, which peaked last December at $16.27 per 100 pounds on concern that India may become a net importer for the first time in more than two decades, traded today at $9.84 per 100 pounds.
--Editors: Jake Lloyd-Smith, Matt Oakley
5 comments:
The Phnom Penh Post
Monday, 12 July 2010 15:01 Chun Sophal
Europe looks to cash in on Cambodian rice
THE Cambodian Small and Medium Industries Association will begin exporting 2,656 tonnes of rice worth nearly US$1 million to four European nations later this month.
Fetching $355 per tonne from buyers in Poland, Lithuania, Estonia and Sweden, the rice shipments would last from July until mid-August, and would be worth a total of $942,880 on the European market, association secretary general Outh Renne said yesterday.
“We hope companies will be able to export more rice to European markets in the coming years,” he said.
Some 1,440 tonnes of the 25 percent broken rice will be shipped to Poland, 1,000 tonnes to Lithuanian buyers, 168 tonnes to Estonia, and the remaining 48 tonnes will travel to Sweden, according to a report.
Last month, $583,000 worth of rice was shipped from Cambodia to Lithuania, Poland, Russia and Estonia.
The association also exported some 5,000 tonnes to European markets from January to July this year, and aims to ship a total of 7,000 to 10,000 tonnes to European countries including France, Lithuania, Russia, Poland, Germany, Estonia and Latvia during the rest of 2010.
It said it received support from the Ministry of Commerce and the Export Market Access Fund, a World Bank-supported organisation with the mission of addressing financial and technical constraints faced by Cambodian exporters.
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