Export duty on Russian wheat set to rise by 12.docx

1. India’s Rice Export Could Decline To 4-Year Low Of 16.5 Mt In 2023-24: FAO According to the Food and Agriculture Organization (FAO), the growth in rice production in Bangladesh and Nigeria, along with crop recovery in Cambodia, Myanmar, Pakistan, Sri Lanka, and the US, will likely make up for crop shortfalls in Brazil, Indonesia, and Thailand, as well as output stagnation in India and China (mainland) in the 2023–24 season, which begins in September. The UN's agricultural agency today stated in its Rice Update for September that there have been no significant global setbacks to crop activities to date that could prevent a recovery in rice production. If India's export restrictions persist, the FAO predicted that the country’sRice Exports will drop to a four-year low of 16.3 million tonnes (mt) in 2023–2024, which will reduce the export surplus in Brazil, Uruguay, and Vietnam in 2024-2025. Consumption Of Rice Worldwide It was stated that the current indications are pointing towards a second consecutive season of little to negative growth in world rice utilization in 2023–24, which may stagnate at around 520.9 mt(milled basis). The outlook for animal feed uses is the most bleak of all the use components.

2. Given the availability of more economically viable feed alternatives, feed utilization is expected to fall to 21 mt from 18.5 mt. According to the UN agency, rice for human consumption is expected to rise by 0.7% annually to 425.6 mt. In 2023–2024, the world could produce 523.2 million tonnes (mt) of rice, according to the FAO's most recent forecast. “While this level would fall short of the record harvest of 2021-22, it would still represent a 1.1% recovery from the reduced level of 2022-23 and an overall ample harvest,” the report stated. The FAO Index The prediction coincides with the FAO rice price index rising by 9.8% to 142.4 points in August. It stated that, “At that level, the Index stood 31.2% above its year-earlier value and at a 15-year nominal high.” The index increased by 11.8% in July, reflecting the trade snarls caused by India's 20th July export ban on white rice. The FAO reported that despite this, glutinous quotations also gained by 13.8% month-over-month due to worries about how Thailand's production may be impacted by erratic rains and a rebound in Chinese glutinous demand. Continued purchases by Indonesia's Bulog and reports that the Philippines' government had resumed imports after a lengthy hiatus supported demand. This occurred in the midst of heightened uncertainties and buyers who were turned off by price increases. According to the organization, “August trade was otherwise largely confined to small volumes or to executing previously contracted sales.” The price of rice increased more sharply in Vietnam, with quotes of 5% broken rising by $110 per tonne over July rates to reach a 15-year high. The El Nino Weather Phenomenon "Monthly price increases ranged between $60 and $80 per tonne in other Asian origin regions. This increased Asian prices for (partially broken) Indica white rice between 40% to 60% over their August 2022 levels,” according to the FAO. Regarding demand-supply prospects for 2023-2024, the UN agency noted that the season’s progress to date has not been without difficulties, particularly on the weather front and frequently as a result of the influence of the La Nina phenomenon, which ended in March, and the emergence of the El Nino event, which began in June. However, seasonal development indicates that main-crop plantings in numerous significant global rice producers have remained healthy, if not increased. According to the report, this could at least partially offset yield depressions caused by uneven rains

3. or planting cuts in the off-season crops that will be sown in the northern hemisphere starting in the last quarter of 2023–2024. In response to the FAO's discussion of India's restrictions on rice exports, the FAO stated that a modest annual trade recovery anticipated for 2024 “is primarily anticipated to be sustained by larger shipments from Pakistan and Thailand, although improved supply conditions are also envisaged to enable Cambodia, Myanmar, and the US to step up shipments in 2024.” If you are a Rice Importer wishing to buy rice in bulk or a rice exporter willing to export bulk rice, then Tradologie.com is the right platform for you. Tradologie.com is a Software-as-a-service platform that facilitates bulk agro-trade across the globe. Through tradologie.com’s interface, buyers can avail the best qualities of agro- commodities at negotiable rates. The transaction-oriented platform has 600,000+ verified buyers and about 70,000+ registered sellers of agro-commodities from over 150 countries. To register as a buyer, click here. To register as a seller, click here. To stay updated with the latest happenings in the agro-trade industry, follow Tradologie.com across all social media channels.