Global rice prices fall to lowest since 2020 on record harvest forecasts

Rice prices fell to their lowest level since November 2020 at $12 per 100 pounds on forecasts of increased global supply.

According to the USDA's May forecast, in the 2025/26 MY, global rice production will reach a record 538.7 million tons, primarily due to increased production in India, Bangladesh, and China.

India is set to harvest a record rice crop for the tenth consecutive year, although reduced plantings could reduce production.

Global rice consumption is also expected to reach a record 538.8 million tonnes, driven by stronger demand in India, Bangladesh, Nigeria and the Philippines. In China, rice consumption is expected to be largely unchanged as significantly lower feed grain prices limit the use of rice for feed.

Rice futures on the Chicago Board of Trade (CBOT) have fallen 14.26% since the beginning of the year. Rice prices hit a record high in April 2008, when 100 pounds cost $24.46, Trading Economics reports.