Bloomberg News

Thai Paddy Damage May Push Up Global Rice Prices, Mohanty Says

October 12, 2011

Oct. 12 (Bloomberg) -- Damage to rice crops from Thailand to Philippines may ‘push up’ prices this year as global production of milled rice may be less than previously forecast, according to the International Rice Research Institute.

Flooding in Thailand, the world’s biggest rice exporter, has damaged as much as 5 million metric tons of paddy, while a typhoon in Philippines and flooding in Cambodia and Laos will trim grain output, Samarendu Mohanty, a senior economist at the institute, said in an interview in New Delhi today.

Global production of milled rice may be as low as 455 million tons in the year that began on Sept.1, less than the 460 million tons forecast last month, he said.

Damage to crops in Thailand, Cambodia and Philippines could boost import demand for rice, Robert Zeigler, director-general of the institute, said in a separate interview.

“There will be supply-demand imbalances by the end of this year and early 2012,’” he said.

To contact the reporter on this story: Pratik Parija in New Delhi at pparija@bloomberg.net

To contact the editor responsible for this story: Thomas Kutty Abraham at tabraham4@bloomberg.net


We Almost Lost the Nasdaq
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus