Thai Paddy Damage May Push Up Global Rice Prices, Mohanty Says
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.
“There will be supply-demand imbalances by the end of this year and early 2012,’” he said.
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