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Rice prices may stay high until harvests later in 2008, FAO says (15/05)
06/08/2010 - 24 Lượt xem
Rice climbed for a seventh straight day in Chicago as Nigeria and the Philippines, the two largest importers, sought shipments after a cyclone devastated crops in Myanmar.
Before Cyclone Nargis, the FAO estimated Myanmar would produce 18.9 million metric tons of milled rice in the crop year to October 31 and export 600,000 tons in 2008, helping alleviate a global shortfall that sent prices up more than twofold in the past year.
“The destruction of Myanmar’s food basket may sharply decrease national rice production,’’ the FAO report said.
“The cyclone damage could worsen the current global rice production outlook.”
Rice for July delivery gained 0.2 percent to US$23.03 per 45 kg (100 pounds) in Chicago.
The contract climbed to a record $25.07 on April 24 after China, Vietnam and India curbed exports.
Source: Bloomberg
