Asian manufacturers lift grain export restrictions
Almaty. May 30. Kazakhstan Today - World food market price for rice has decreased. The main cause was the decision of some large Asian manufacturers to renew large scale export of grain abroad, the agency reports referring to RBC Daily.
Cambodian authorities stated that they lift rice export ban. The second world largest exporter of rice Vietnam promised to make a similar step in July. The majority of Asian countries introduced rice export restrictions in March to satisfy internal demand and to bring down rates of inflation. Now, apparently, the critical situation in the market is over.
On Monday, on Chicago commodity exchange July rice futures fell in price by 2.5 %, up to $19.85 for 100 pounds (about 45 kg). Decrease has taken place at the second trading session in a row. On April, 24 price for rice in Chicago reached the record value - $25.07 for 100 pounds.
Sharp rise of prices for rice has been caused by introduction of export restrictions by the leading world manufacturers. According to Executive Director of Analytical Sovekon Center Andrey Sizov, "the situation now is gradually stabilizing. First, demands of large importers, first of all Philippines, where rice is basic food, are substantially satisfied. Secondly, Thailand, the world's largest exporter of rice, began selling rice from the state stocks to stabilize prices," the expert said.
Global panic due to deficit of rice has abated before the first this year crops of rice, which promises to be very good. In particular, consumers were encouraged by the recent forecast of the US Ministry of Agriculture that this and the next years will be favorable for rice growing.
The similar forecast last week was made public by the UN experts on world agriculture. This year manufacture of ground rice will make 445.3 million tons that is by 2.3 % more than the record parameters of the last year. Thus, consumption of rice will grow by 2.4 % that is quite comparable with growth of its production.
Rice in the world market continues to cost by 88 % more expensive in comparison with the similar period of the last year. And though the prices should stabilize, we can not expect that they will be at a previous level. Not all large actors of rice market in Asia are ready to follow the lead of Cambodia. Yesterday the government of India (second world largest manufacturer of rice) has declared that it is not going to lift rice export ban, despite of high crop. According to the official representatives, exception can be made only for some small countries, mainly African.
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