The United States Department of Agriculture (USDA) has raised its forecast for 2019-20 global rice production by 40000 tonnes to 497.86 million tonnes as increases for Iraq and Vietnam more than offset reductions for Thailand, the United States, and the EU.
Worsening drought conditions in Thailand are expected to reduce rice production by 0.4 million tonnes to 20.5 million, the report said.
World 2019/20 consumption is lowered to 494.5 million tonnes, mainly on reduced expected use in China for rice feeding and less availability of rice from domestic auctions of stocks.
Global 2019/20 trade is lowered 0.3 million tonnes to 46.6 million, largely on reduced exports by Thailand as its exports are expected to be less competitive compared to other Asian suppliers.
Projected world ending stocks are up 2.0 million tonnes to a record 174.7 million with China accounting for virtually all of the increase. China now comprises 68 percent of 2019/20 global rice stocks.