Rice poised for record weekly drop | Bangkok Post: news

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Rice poised for record weekly drop

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CHICAGO — Prices for rice, a staple food for half the world, are heading for the biggest weekly decline since 2011 as US crop conditions improve at a time when Thailand is vying to become the world’s largest exporter. 

Sixty-nine percent of the US rice crop was rated in good or excellent condition on June 1, up for a second straight week and the highest for the date since 2010, Department of Agriculture data show. Thailand may export 9 million tonnes in 2014, up from 7.5 million forecast in February, replacing India as the top shipper, the Thai Rice Exporters Association said this week.

Rising grain inventories are helping to keep global food costs in check, with the United Nations saying that world prices fell for a second month in May. The Standard & Poor’s GSCI Agricultural Index of eight crops is headed for a sixth straight weekly drop, the longest slump since October 2011. US farmers are poised to collect record corn and soybean crops, a Bloomberg survey showed.

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