Rice in the world will be cheaper, - FAO

This year's rice production will exceed demand and a record 6 million tons of world rice production in this selhozgodu, which ends in June, will be a record, exceeding demand, which would limit the increase in rice prices, analysts say the Food and Agriculture Organization United Nations (FAO), according to Interfax-Ukraine with reference to Bloomberg. Estimated FAO, unpolished rice production this year will reach 700.7 million tons, which exceeds demand by more than 6 million tons. Previous forecast of organization, issued in November 2010 was worse by 3 million tons. High volume production is likely to "reduce the pressure on the cost of rice, due to rising prices for other crops, experts say FAO. Unpolished rice price at auction in Chicago will not rise above U.S. $ 16.485 per 100 pounds until November 2011, according to the Chicago Board of Trade. The March futures for the rice traded in Chicago on Thursday at 15.99 dollars per 100 pounds. In 2010, the figure fell by 4% since the beginning of 2011 its value grew by 12%. "Production growth will be largely due to good harvests in the northern hemisphere countries, which will be collected from February to June", - stated in the FAO. According to the organization, increasing rice production will be observed in Bangladesh, China, India, Indonesia, Philippines, Sri Lanka and Vietnam, the decline - in Korea, Pakistan and Thailand.