10:58 - 15.05.2025

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May 15, Fineko/abc.az. Rice futures prices have reached their lowest levels since November 2020, approaching $12 per 100 pounds.

ABC.AZ reports with reference to Trading Economics that the decline occurred against the background of an expected increase in global supply.

In the May report, the U.S. Department of Agriculture forecasts that total rice production will reach a record of 538.7 million tons in the 2025/2026 agricultural year. India, Bangladesh and China are expected to provide the main growth.

Rice production in India is projected to reach record levels for the tenth consecutive year. However, a reduction in acreage may have deterrent effect on further growth.

Global rice consumption is also projected at a record high of 538.8 million tons. Increased demand is expected in India, Bangladesh, the Philippines and Nigeria. In China, consumption will remain virtually unchanged due to competitive feed grain prices that limit the use of rice for feed purposes.

Since the beginning of this year, rice futures on the Chicago Mercantile Exchange (CBOT) have fallen by 14.26%. The historical maximum was recorded in April 2008, when the price reached $24.46 per 100 pounds.