Tighten stocks and limit exports of global rice prices hit a 7-year high

Tighten stocks and limit exports of global rice prices hit a 7-year high

An Indian farmer carries rice saplings in his paddy field on the outskirts of Gauhati, India, Sunday, July 22, 2018. The monsoon rains which normally run from June to September, are crucial in a country where 60 percent of the population works in agriculture and less than half the farmland is irrigated. (AP Photo/Anupam Nath)

Due to the outbreak of new coronavirus, importers are eager to store grain, while exporters restrict shipments, and the price of Asian staple food rice has reached its highest level in seven years.

According to data from the Thai Rice Exporters Association, from March 25 to April 1, the price of white rice, the industry indicator of the broken rice rate of 5%, increased by 12%. “Reuters” reported that the price of rice is currently the highest since late April 2013.

The price increase is due to market expectations of increased demand for rice in Thailand, and major exporting countries such as India and Vietnam are facing strategic staple food export disruptions due to the outbreak of new coronavirus (COVID-19). Asia accounts for 90% of global rice supply and consumption.

“Reuters” quoted industry officials as saying that in India, rice traders have stopped signing new export contracts because of labor shortages and logistical disruptions that have prevented existing contracts from being reached. The Vietnamese government also restricts exports.

Even before the surge in March, rice prices began to rise at the end of 2019 due to severe drought in Thailand and strong demand from Asian and African importers. Thailand is the second largest rice exporter after India and Vietnam.

Samarendu Mohanty, director of Asia at the International Potato Center, a nonprofit organization that studies food security, said that despite the expected strong harvest this year and the stocks of rice and wheat at historically high levels, prices are still rising.

The Thai Rice Exporters Association guarantees sufficient rice stocks in its weekly report, but admits that due to Cambodia ’s national blockade, Cambodian workers return to their homes and find it difficult to find workers during the New Corona Virus outbreak.

Mohanti said in the post that this may make seasonal agricultural activities difficult and affect future harvests.

He wrote: “Unlike other industries, restricted by strict planting and harvesting opportunities, agriculture is affected by the blockade time more than the duration of the epidemic,” “If you miss the planting season, there will be no harvest for the entire season or the whole year. . “

He added that North America, Europe and China are now facing labor shortages and the interruption of spring planting supply lines. “If they miss the sowing date, this year’s harvest is all over.”

In other parts of the world, such as India and other South Asian countries, it is now harvest time for winter crops, such as wheat, potatoes, cotton, and some fruits and vegetables. Farmers need to move workers to operate machinery and perform other free-hand tasks, such as loading and unloading agricultural products.

In a recent report, the International Grain Council said: “Although the import purchases of certain commodities have increased in recent weeks, it is reported that logistical routes are challenged by transportation restrictions and the popularization of comprehensive quarantine measures.” It also said that the demand for cereals has been urgent recently. Increase, especially rented rice and wheat food.

Not only rice, but wheat prices for pasta and bread have also recently increased.

The Chicago Board of Trade (CBOT) indicator wheat futures was hit by the outbreak of the new coronavirus earlier this year, but prices have risen since mid-March.

Wheat futures prices rose about 15% in the second half of March, mainly affected by fears caused by panic purchases by consumers and the ban on sales in North America and Europe.

According to a report issued by Fitch Solutions, rice and wheat prices will continue to be supported in the coming weeks. “Due to the impact of the New Coronavirus pandemic on demand and trade, as well as the consequences of the bad weather in the major producing countries, supply is currently tightening.” Southeast Asia And Australia is facing severe drought.

It pointed out that although the current absolute prices of wheat and rice are lower than the historical average, they are still much higher than the same period last year. “This means that food price inflation will accelerate further in 2020. Since the outbreak of African swine fever in 2019, Meat prices continued to rise after continuing to soar. “

Food industry associations and organizations are urging countries to keep trade open.

Mohanti said: “During this difficult period, it is not appropriate to blame countries for ensuring their domestic food security, but they may have to be extra careful when taking unnecessary policy measures, which may cause market panic.” There is enough grain to support the world for more than 4 months. However, if countries adopt trade restrictions, these grains will be useless. “

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Tighten stocks and limit exports of global rice prices hit a 7-year high
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