Global Rice Production in 2022/23 Lowered To 514.76 Million Tons

The USDA's July supply and demand report showed that global rice production for 2022/23 is expected to be 514.76 million tonnes, mainly due to lower rice production in the EU and the US. Opening stocks of rice were lowered to 186.64 million tonnes from 187.31 million tonnes in the previous month.

Global rice consumption for 2022/23 was revised down by 0.6 million tonnes to 518.6 million tonnes, although this is still a record high. Global rice trade is forecast at 54.61 million tonnes, slightly higher than last month's forecast of 54.2 million tonnes. Global rice ending stocks are forecast at 182.76 million tonnes, down from last month's forecast of 183.44 million tonnes, mainly due to lower stocks in India and Pakistan