Dry soil to curb Asia’s early 2024 rice output, pressure supply

Asian off-season rice production is poised to take a hit as dry planting conditions, shrinking reservoirs and forecasts for continued El Nino weather are set to reduce early 2024 yields, further tightening supplies and spurring food inflation. India, the world's biggest rice exporter and No.2 supplier Thailand are expected to see production from their off-season crops decline in the first quarter, while Indonesia, a leading importer, is still reeling from drought as farmers plant their crops, traders and analysts said. "High prices should encourage planting but there are concerns about water availability from low reservoirs which could see yields losses from off-season crops," said Peter Clubb, an analyst at the International Grains Council in London.