Global rice markets could come under further pressure as the world’s leading producer China grapples with heavy rain and flood risks, according to a Fitch Ratings report.
China is the world’s largest producer of rice, and flood alert levels were raised for three provinces that account for 23% of the country’s rice output.
China has been inundated by devastating floods in recent weeks. The resulting soaked grain fields will reduce crop yields for the year, the Fitch report stated, although the full extent of the damage is not yet clear.
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