Rice is cooking again

Dec 18, 2009

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Rice prices are on the rise. Typhoon damage has forced the Philippines to step up imports. It could scoop up more than 10% of international shipments next year.

Meanwhile, India may have to import rice for the first time in years following a poor monsoon. Demand will top supply this year for the first time in five years, says the US Department of Agriculture, while stocks are low.

The Thai grade-B white rice price, a key Asian benchmark, is at a nine-month high of more than $600 a tonne. Prices could reach $800 next year, reckons Truong Thanh Phong of the Vietnam Food Association.

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