Rice excess will be put to test with El Niño’s return

Global stockpiles are anticipate to drop about 5% this year released : 15 Jun 2023 at 11: 18 Farmers harvest rice in a field in Nonthaburi province. (File picture) The world is awash in rice with worldwide stockpiles at close to record levels. El Niño’s arrival will put those reserves to the test. The weathercondition pattern normally brings hotter and drier conditions to Asia, which produces and takesin 90% of the worldwide rice supply. Thailand, the world’s second-biggest exporter, has currently asked farmers to decrease their harvest duetothefactthat of lower rains.  Historically, rice yields haveactually been lower throughout El Niño years, and in some cases, much less. Last week, the UnitedStates revealed the authorities arrival of the weathercondition phenomenon, with a high opportunity of it goingbeyond moderate strength. The morepowerful the existing cycle is, the more mostlikely rice products will be impacted.  “What we feel will takeplace this year is that the market will endupbeing a seller’s market,” stated Chookiat Ophaswongse, honorary president of the Thai Rice Exporter’s Association, in an interview. “No
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