On August 11, the Ministry of Agriculture of China said that floods due to Typhoon Doksuri had negatively affected the corn-growing regions in the northeast of the country, but currently the estimate of the grain production in 2023/24 MY remains unchanged at about 282.34 mln tonnes, Reuters reported.
At the same time, according to two trade sources, some market participants estimate the losses of corn crops from floods to be about 4-5 mln tonnes, or about 2% of the grain production in China.
It is possible that the floods could also reduce rice production in China. In this regard, Fitch Ratings said on August 11 that the floods in the country are likely to cause an increase in world rice prices, which have already risen by more than 20% after India announced a ban on white rice exports.
Source: Apkinform