Farm Progress America, August 23, 2023

Mike Pearson takes a look at the hike in food prices including rice this summer.

August 23, 2023

Mike Pearson takes a look at rice prices across the globe. A new report out shows after months of food inflation prices cooling, the trend has ended sending food prices higher in July due to rice prices.

India which is responsible for 40 percent of the rice produced has banned exports for the time being.

The government stopped exports due to erratic food prices. This has sent other nations scrambling to find new rice imports.

The Indian rice export woes haven't hit American markets yet-- but they are expected to hit it eventually which will send rice prices higher.

On the good side, experts say there is more rice acreage planted this year than in 2021 or 2022.

Many buyers are using Taiwan and Brazil to fill the rice needs for now.

The Indian government is expected to go back to exporting rice in May 2024 after an election there.

Farm Progress America is a daily look at key issues in agriculture. It is produced and presented by Mike Pearson, a farm broadcaster and host of This Week in Agribusiness.

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