Concepcion Calpe News
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Rice exports from India, the world’s second-largest grower, are poised to slump from a record as supplies from Vietnam, Myanmar and Pakistan widen a global glut, according to the International Rice Research Institute.
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The Thai baht’s rally to the highest level in 16 years is hindering exports from the world’s biggest rice shipper, curbing the government’s efforts to diminish record state stockpiles and threatening to increase its losses.
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Rice exports from India, the world’s second-largest grower, are poised to reach a record for a second year as the harvest may rebound on normal monsoon rain, potentially widening a global surplus.
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Thailand plans to sell as much as 7 million metric tons of rice from inventories to fund a grain purchase program, Commerce Minister Boonsong Teriyapirom said.
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Rice, the staple for half the world, will probably drop on increased supplies, trailing other grains and curbing record food costs, the United Nations said.
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Rice production in Thailand, the largest exporter of the grain, may drop to the lowest in eight years as drought and the spread of plant hoppers damage crops, according to the Food and Agriculture Organization.
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Farmers are preparing to plant a record rice crop that will boost inventories held by the world’s biggest exporters to the highest ever.
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World food prices that fell from a record last month may rebound, the United Nations said, after grains rallied on reports of shrinking stockpiles.
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Myanmar, the world’s top rice shipper before five decades of military dictatorship made it Southeast Asia’s poorest nation, plans to double exports over five years, threatening to aggravate a global glut.
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Rice purchases by China, the largest producer, may soar fourfold this year after a government policy to support farm incomes drove up domestic prices, the United Nations said.
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