Favorable weather boosts Bangladesh rice production
Bangladesh rice production is forecast to tick up based on moderate precipitation and favorable weather, according to a report from the US Department of Agriculture's Foreign Agricultural Service (FAS).
Production of the commodity is anticipated to total 36.2 million tonnes in the 2021-22 marketing year along with an increase in planted area of about 11.68 million hectares. Imports of rice remain unchanged at 500,000 tonnes, but the USDA noted this could change depending on the upcoming monsoon season and how it could possibly create flooding issues, reports World Grain.com.
While rice production is up, the Bangladesh government is addressing rice procurement concerns created by Covid-19. The Ministry of Food is looking to reduce its rice import tariff to 25% to increase government stocks.
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Bangladesh's corn production estimate for the 2021-22 marketing year has decreased to 5.11 million tonnes due to reduced planting area as farmers switch to more profitable crops such as jute. The USDA expects steady demand from the feed industry to hold the country's corn consumption at 6.2 million tonnes in the 2021-22 marketing year. This same feed demand is anticipated to elevate corn imports to 1.6 million tonnes.
Wheat production in Bangladesh the 2021-22 marketing year is forecast to remain steady at 1.13 million tonnes. Imports are forecast to remain at 6.5 million tonnes based on the expected return to favorable international prices and normal consumer purchasing habits following the Covid-19 lockdown.
