Global Rice production is raised this month on a larger crop in India, partially offset by a reduction in the crop in Egypt. Nonetheless, production is still forecast lower than the prior year’s record.
Global consumption is forecast marginally higher. Ending stocks are raised from last month. Trade is largely unchanged as higher imports for the Philippines are mostly offset by lower imports for China.
Global Rice production and consumption are both adjusted marginally lower this month. Global ending stocks are raised. Global trade is nearly unchanged with offsetting changes.
Over the past month, Indian quotes have become more competitive at $375/ton on slow buying interest. This is the lowest Indian quote in more than a year and a half. Thai quotes continued to climb to $409/ton, supported by the currency and improved prospects to export large volumes to the Philippines. Demand from Southeast Asia was also a key factor in supporting Vietnamese quotes, now at $398/ton. Pakistani quotes are relatively steady at $385/ton.