The Stage Is Being Set For A Massive Global Rice Shortage
https://www.zerohedge.com/commodities/s ... e-shortage
Traders are bracing for a fresh spike in grain prices after Russia’s exit from a deal allowing Ukraine crops to move from the Black Sea to the countries most in need of them roils markets anew.
The world relies on the Black Sea region for more than a quarter of annual wheat and barley exports, about a fifth of its corn cargoes and the bulk of its sunflower oil shipments.
While the crop is still likely to be a large one, torrential downpours and floods could turn an unusually hefty chunk of the harvest into grain fit only for animal feed, and reduce the quantity that’s suitable for milling into flour.
Over 60% of Chinese imports came from Down Under in the first 10 months of 2022, more than double the share for all of last year, customs data and Bloomberg calculations show.
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