Chicago rough rice futures fell to around $12.5 per hundredweight in June, a level not seen since early January on oversupply concerns. According to the FAO’s June 2021 food outlook, global production in 2021/22 was forecasted at a record 519.1 million tonnes, up 1% on an annual basis. Meanwhile, overall world trade of rice was forecasted at 47.9 million tonnes, down from 48 million tonnes a year earlier. In India, the world’s second largest producer, the meteorological department said the monsoon rains had arrived earlier-than-usual to the nation’s central and northern regions, which will help farmers accelerate rice sowing in the summer and could drive crop yields higher.
Historically, Rice reached an all time high of 1349 in September of 2020. Rice - data, forecasts, historical chart - was last updated on June of 2021.
Rice is expected to trade at 12.24 USD/CWT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 11.31 in 12 months time.