Abundant rice supplies in key exporters may largely offset an expected drop in output after floods in Pakistan and severe heatwave in China damaged crops, capping any gains in prices from steady Asian demand.
Pakistan, the world's fourth-largest rice exporter, suffered extensive damage to agriculture, including rice, as floods ravaged large swathes of its farmland, while extremely high temperatures in parts of China at the end of August have taken a toll on rice output in the world's biggest importer of the staple.
"Pakistan's rice output has been really good over recent seasons," Peter Clubb, a market analyst at the International Grains Council said. "While any large production loss is obviously bad, that improvement in production over recent seasons gives a bit of leeway." India had earlier been examining a need to restrict exports of 100% broken rice mainly used for feed purposes.But an improvement in rainfall over Indian rice growing areas has ended any discussion of government restrictions on exports, said a second trader in Singapore who sells Indian rice to buyers in Asia and Africa.
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