Record reserves of rice in Thailand, accumulated from a state-buying program that has spurred concern from the International Monetary Fund (IMF), are seen contributing to lower prices next year as worldwide harvests expand.
Record reserves of rice in Thailand are seen contributing to lower prices next year as worldwide harvests expand. (Photo by Sonthanaporn Inchan)
The stockpiles probably total 16 million metric tonnes, which will pressure global prices, according to Eklavya Chandra, director at Bangkok-based Phoenix Commodities Ltd (Thailand). The Thai holdings will surge 18% to 14.9 million tonnes in 2013 and 2014, the International Grains Council forecasts.
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