Global rice glut set to grow
- Published: 5 Mar 2013 at 11.01
- Online news:
Farmers are preparing to plant a record rice crop that will boost inventories held by the world's biggest exporters to the highest ever.
A farmer stands on a thresher as rice is harvested in a paddy field in Thailand's Suphan Buri province. (Bloomberg Photo)
Harvests will climb 1.2% to 472 million metric tonnes as the five largest shippers hoard 38 million tonnes, or a year of global imports, International Grains Council data show. Thailand may run out of warehouse space as reserves jump 40% to a record 18.2 million tonnes, according to the United Nations. Prices in Vietnam, an Asian benchmark, will drop 6.6% by December to US$377.50 a tonne, the lowest level since 2010, based on the median of 10 trader estimates compiled by Bloomberg.
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