Rice Crop To Hit Record, But Prices Still Rising
World rice output is expected to hit a record high this year, but growing demand and export curbs should keep prices high, at least in the short term, the United Nations' Food and Agriculture Organisation said on Monday. Rice prices have been surging as governments and importers rush to stock up, spurred by growing fears the food staple will be in short supply. "World paddy production in 2008 could grow by about 2.3 percent, reaching a new record level of 666 million tonnes, according to our preliminary forecasts," FAO rice expert Concepcion Calpe said in a statement on Monday.