USDA Increases Global Rice Supplies By 5.10 Million Tonnes For MY 2018/19

As per the latest release by United States Department of Agriculture (USDA), the global 2018/19 rice supplies are increased by 5.1 million tons to 657.9 million, mostly on higher production for China. Based on National Bureau of Statistics data, Chinas 2018/19 rice production is raised nearly 5 million tons to 148.5 million and is virtually unchanged from last year. World 2018/19 consumption is increased 0.7 million tons to 490.3 million on higher expected use in China, Nepal, and the Philippines more than offsetting reduced use in Brazil and Nigeria. Global 2018/19 trade is lowered marginally to 47.7 million tons as reduced exports by Cambodia, Thailand, and Burma are not completely offset by higher Chinese exports. Because of greater supplies and competitive export prices, Chinas exports are raised to the highest level since 2002/03. Nevertheless, China remains the largest global rice importer at 4.5 million tons. World ending stocks are projected to increase to a record-large 167.6 million tons, led by China, which accounts for 69 percent of global stocks.