Rice futures bounced back above $13 per hundredweight, hovering around their highest level since mid-July, as India's agricultural sector is expected to remain under pressure due to fresh COVID-19-led lockdowns that have stagnated market demand. The world's top exporter of rice has been reporting record daily increases of COVID-19 infections, leading many states to impose restrictive measures and the Indian government to extend the free food-grains assistance to 80 million vulnerable people for May and June. Elsewhere, Egypt, which was once a rice exporter, announced it has allocated 1.074 million feddans of land for rice cultivation in the 2021 season.
Historically, Rice reached an all time high of 1349 in September of 2020. Rice - data, forecasts, historical chart - was last updated on May of 2021.
Rice is expected to trade at 13.37 USD/CWT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 12.35 in 12 months time.