Global Rice Production To Slightly Improve In 2008

According to a recent report released by the International Grains Council, global rice trade in 2008 is projected to rise marginally by 1% to reach 29.6 million MT up from an estimated 29.3 million MT currently.

The IGC report has pointed out that market tightness could remain next year, citing restrictions on exports by India and Vietnam. However it will likely be lifted in the first quarter of 2008.

Thailand however is expected to remain well positioned to meet the projected increase in import demand in 2008 on account of its large government rice stocks as a significant recovery in rice imports by Iraq and Saudi Arabia and slight rise in purchases by Cuba, the U.S, Brazil and Russia is also expected.