Rice prices to continue rising
The price of rice is expected to continue rising beyond current record highs due to an inability for supply to meet demand. The price of rice has appreciated markedly since the beginning of the year, with rice prices almost doubling in this time. Global stocks are at there lowest level since 1976 and, with demand expected to outstrip supply by over 3 million tonnes this year, the price is only likely to rise further.
Australia’s rice industry is unlikely to be able to take advantage of the rising prices, as this year’s supply appears to be the lowest since the industry began in the 1920’s.