17-18 Feb, 2009 - Singapore, SINGAPORE
Goodwood Park Hotel Singapore
Goodwood Park Hotel Singapore
The price of rice could rise sharply, causing another shortage of the staple grain, the International Rice Research Institute has warned.
"We don't have a lot of buffers. We really need to produce another record rice crop to survive, to keep the price low," the institute's Sam Mohanty says.
The Thai Rice Exporters Association has increased the price of its benchmark white rice by 3% in the past week to $608 a tonne. It is the fourth consecutive week of increases.
Export bans
A year ago rice cost $370 a tonne but shot up to nearly $1,000 in mid-May 2008.
Earlier this week the Philippines agreed to buy at least a million tonnes of rice from the Vietnamese government, according to trade sources.
As supplies of rice tightened last year, governments banned the export of rice.
The IRRI is concerned that could happen again this year if rice crops are as bad as they fear.
But the UN's Food and Agriculture Organisation says the situation is nowhere near as bad as the institute claims.
"In April, Egypt should lift its ban on exports, and India may soon after. This could have a depressing effect on prices. I don't foresee any shortages," said an FAO source.
Source: http://news.bbc.co.uk/2/hi/business/7833846.stm, 16/1/2009
For more information on demand of rice, join our 2 speakers as they present their papers on:
Long-Term Prospects for Agriculture & Major Commodity Groups: World Agriculture Towards 2030
• Demand and production of wheat, rice & coarse grains
• Demand and production of oil crops, vegetable oils & products
• Demand and production of livestock commodities
• Diversion of food grains towards energy crops
Mr. Mahesh Uniyal, Consultant, Economic and Social Development Dept
FAO Regional Office for Asia and the Pacific
Day 1, 11.50am
Global / Asia Rice Trade Flow & Market Outlook
Mr. Rajeev Raina, Senior Vice President& Head, Rice Division
Olam International Ltd
Day 1, 12.20pm
