ASEAN trade ministers agreed Saturday to help each other during the global food crisis and to take measures to maintain the stability of rice prices and boost production.
U.S. rice futures rose to a fresh all-time high on Wednesday on worries about supply shortages which have triggered political unrest and export restrictions designed to protect dwindling domestic stocks.
Iraq’s paddy rice production in calendar year (CY) 2009 is forecast at 425,000 MT, slightly
higher than this year’s estimated production level of 410,000 MT.
Export prices declined slightly and domestic prices stabilized as Thai rice exporters are not
expected to participate in the May 5 Philippines tender. Despite reports that the Commerce
Minister will propose a domestic stock release, skepticism remains as market forces appear to be
alleviating pressure on prices.
Thai Prime Minister Samak Sundaravej piqued global interest this week when he suggested the formation of a rice cartel with other producers, a government spokesman said.
The Colombian government announced Wednesday that it will store between 200,000-250,000 tons of rice to face an eventual food shortage that has already occurred in some countries, local media reported.
Corn prices climbed to a record just below $6 a bushel Wednesday as cold, wet weather in the U.S. Corn Belt threatened to slow planting, adding to concerns over tight supplies.
