Global rice markets could come under further strain as the world's leading producer China grapples with heavy rain and flood risks, according to Fitch Ratings.
Global rice markets could come under further pressure as the world's leading producer China grapples with heavy rain and flood risks, according to a Fitch Ratings report.
China is the world's largest producer of rice, and flood alert levels were raised for three provinces that account for 23% of the country's rice output. China has been inundated by devastating floods in recent weeks. The resulting soaked grain fields will reduce crop yields for the year, the Fitch report stated, although the full extent of the damage is not yet clear.Chinese villagers growing rice seedlings in a paddy field in Qiandongnan, Guizhou Province, China on April 2023.Global rice markets could come under further strain as the world's leading rice producer China grapples with heavy rain and flood risks.
"Heavy rain in China's grain-producing north-eastern region that will reduce yields is likely to put upward pressure on already high global rice prices," Fitch Ratings said in a
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