A surge in rice consumption will pull down stockpiles to a five-year low, a reduction of 8 percent that will be felt the most in major exporters Thailand and India, said the International Grains Council in its monthly Grain Market Report. IGC says consumption will reach an all-time high of 483 million tonnes this year, up 1 percent from 2014. Thai rice stocks “are likely to drop by 24 percent year-on-year, as exports increase to a fresh record.” Rice is a staple food throughout Asia and popular worldwide.
Soybean stocks globally are forecast to rise by 50 percent, due to a flood of soybeans from major growers. Production will be record-large at 315 million tonnes, up 11 percent from last season, said IGC. “Led by China’s rising needs, world trade (Oct./Sept.) is projected to climb to an all-time high of 116 million tonnes, but growth will be less pronounced than in earlier years.”