The global rice market is about to fall into the biggest shortage in 20 years

According to Fitch Solutions, the global rice market will record its largest shortage in two decades in 2023. Shortages of this magnitude in one of the world's most cultivated grains will hurt importers, analysts say. “At the global level, the most obvious impact of the global rice shortage is that rice prices have risen to their highest levels in a decade,” said Charles Hart, commodity analyst at Fitch Solutions. . Rice prices are expected to stay around their current highs until 2024, according to a report by Fitch Solutions Country Risk & Industry Research published on April 4. The average rice price is expected to remain at 17.3 USD/cwt until 2023 and will only decrease to 14.5 USD/cwt in 2024. Cwt is a unit of measure for some commodities such as rice, 1 cwt equivalent to 45.4 kg. “Since rice is a staple food in many Asian markets, the price of this commodity is a key determinant of food price inflation and food security, especially for the poorest households,” said Hart. ...