Global production expected to reach record levels in 2024

(By Chris Lyddon, WG) Despite a cut in the U.S. Department of Agriculture’s (USDA) projection for world rice production this year, the crop is still expected to be a record, and prices have fallen accordingly. In its Rice Outlook report, published Aug. 14, the USDA’s Economic Research Service (ERS) said the department cut its estimate for world rice production in 2024-25 by 464,000 tons to 527.7 million, “still a record.” “Production forecasts were lowered for Vietnam, the United States and Ukraine, but raised for Russia and Kazakhstan,” the U.S. experts said. “Global domestic and residual use in 2024-25 is projected at a record 527.0 million tons, a fraction below the previous forecast.” Rice trade in 2024 is forecast at 55.2 million tonnes, up 112,000 tonnes from the previous forecast, with export forecasts raised for Thailand and the United States, the ERS said. “Last month, quotations for trading prices for most types of regular milled brown rice (neither parboiled nor ...