The shortage is a result of Russia’s ongoing war in Ukraine and the bad weather in rice-producing countries, including China and Pakistan. Here's more.
This year’s production of rice is set to face the biggest global shortage in decades, according to a new report.between supply and demand in 20 years, which means rice prices are expected to remain high until 2024., the price of rice averaged $17.30 per hundredweight through 2023 year-to-date and is only expected to go down to $14.50 per cwt in 2024.
“At the global level, the most evident impact of the global rice deficit has been, and still is, decade-high rice prices,” Charles Hart, the company’s commodities analyst, told CNBCOver 100 diplomats walk out to support Ukraine as China stays during Russian foreign minister’s UN speech The shortage is a result of Russia’s ongoing war in Ukraine and the bad weather in rice-producing countries, including China and Pakistan.
The war has increased the cost of major grains like wheat, which has then increased the demand for grain alternatives such as rice. Moreover, Hart noted that the shortfall is due to “an annual deterioration in the Mainland Chinese harvest caused by intense heat and drought as well as the impact of severe flooding in Pakistan.”
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