Commodities Buzz: USDA Raises Higher Rice Exports And Production For MY2018/19

The latest update of United States Department of Agriculture (USDA) has raised the rice production for MY2018/19 to 21.2 million metric tons, a 4 percent increase from MY 2017/18 due to larger than expected fragrant rice acreage driven by attractive farm-gate prices and favorable weather conditions. Rice exports in 2018 are revised up to 10.5 million metric tons because of higher than expected demand from Indonesia, China, and the Philippines driven by government purchases. The government plans to sell the remaining government rice stocks in June 2018.