China floods hit rice, corn crops, trigger food inflation worries
(VOVWORLD) - Floods have damaged corn and rice crops in China's key northern grain-producing belt, traders and analysts said, with more rain in the forecast as another typhoon approaches, threatening to add to global food inflation pressures.
 (Photo: AP) |
Fitch Ratings on Friday said heavy rain in China's grain-producing region is likely to put upward pressure on global rice prices. Rice prices have already climbed more than 20% since India announced its ban on exports of non-basmati white rice.
China's corn imports are expected to climb to an all-time high of 23 million metric tons in 2023/24, according to the US Department of Agriculture (USDA), up from 18 million tons a year ago, which is likely to mitigate the impact of flooding on supplies.
However, ample domestic rice inventories are expected prevent China from buying larger volumes from the international market, analysts said.