Rice collapse of 40 million euros occurred in Portugal

Rice farmers are suffering huge losses due to selling prices below cost. Portugal's rice industry has warned of difficulties facing the sector, with losses amounting to around 40 million euros due to selling prices below cost, Portuguese news agency Lusa reports. "The rice campaign, which is almost over, has gone well, the rice is of good quality, but the bad news is that we have data on the sale of paddy rice at prices that are simply catastrophic. The selling price of rice has dropped from 550 euros per ton (ed. note: 57,475 Russian rubles at the current exchange rate) in the previous campaign to 350 euros (ed. note: 36,575 Russian rubles) in this agricultural campaign," João Reis Mendes, president of the rice producers' association Aparroz, told Lusa. "In other words, we are producing below cost, which will represent a loss of about 40 million euros for 1,500 Portuguese producers," he said, adding that given the current scenario, "there are no conditions for economic viability" ...