According to Fitch Solutions, the global rice market is set to log its largest shortfall in two decades in 2023. And analysts told CNBC that a deficit of this magnitude for one of the world’s most cultivated grains would hurt major importers.
At the global level, the most evident impact of the global rice deficit has been, and still is, decade-high rice prices, Fitch Solutions’ commodities analyst Charles Hart said. Rice prices are expected to remain notched around current highs until 2024, stated a report by Fitch Solutions Country Risk & Industry Research dated April 4.
The price of rice averaged $17.30 per cwt through 2023 year-to-date and will only ease to $14.50 per cwt in 2024, according to the report. Cwt is a unit of measurement for certain commodities such as rice.
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