"As you will see below, some of the biggest rice producers in the entire world are being hit really hard, and rice production is going to be way below expectations this year.
Of course rice is one of the primary staples that poor nations depend upon, and so this is a really big deal.
If there is a serious shortage of rice in 2023, that is going to have enormous implications for all of us."
"An announcement that India just made should be front page news all over the globe right now.
India usually accounts for over 40 percent of all worldwide rice shipments, but now they have placed severe restrictions on all future exports this year… "
"India banned exports of broken rice and imposed a 20% duty on exports of various grades of rice on Thursday as the world’s biggest exporter of the grain
tries to augment supplies and calm local prices after below-average monsoon rainfall curtailed planting.
India exports rice to more than 150 countries, and any reduction in its shipments would increase upward pressure on food prices..."
(My comment): A Reduced rice crop will put extra pressure on the US annual wheat crop; hard winter wheat is being harvested now in the mid-western states.
Water restrictions in California has already reduced the amount of available cropland for rice production; thank goodness for USDA crop insurance or many farms would 'go under'.
Domestic production is down due to water restrictions, increased costs of fertilizer, and fuel costs, as well as cost of new farming machinery.
The normal monsoon season has been delayed, and yet there is flooding in Pakistan and Indonesia thus reducing regional rice production.
Crop insurance may keep the farmers solvent, but it doesn’t replace the food that wasn’t grown.
They can print money, but they can’t print food.