Against some predictions for a second straight year of falling corn and wheat production in war-stricken Ukraine, analysts have started to raise the alarm...
Against some predictions for a second straight year of falling corn and wheat production in war-stricken Ukraine, analysts have started to raise the alarm over another commodity.
Prices for rice RRH23 , a staple for half the world, are hoving at their highest in nearly two years, the Saxo Bank strategy team alerted clients in a note on Friday. Rice prices will need to be “capped soon” or turn into another global headache for consumers and governments, said Ole Hansen, Saxo Bank’s head of commodity strategy, said in emailed comments.
The first, Roggensack said, was a forecast from the Ukraine Grain Association that 2023 grain and oilseed production combined will likely to fall to 53 million tons this year. That compares to 67.5 million tons in the this past year and 106 million tons in 2021.He also cited reports from the two-day Paris Grain Conference, due to wrap up Friday. “They’re saying wheat production in Ukraine may not exceed 16 million tons this year. We were at 20.
But Roggensack also noted a report from the USDA attache to Australia, who raised the 2023/23 wheat output forecast from that country, which would make for a third straight year of record crops from Australia. “These rising rice prices are definitely something to keep an eye on – it’s the world’s #1 grain staple,” he added.
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