Rice
Increasing rice imports have been severely hurting Bangladesh rice sector, according to local sources. Rice millers across the country are facing huge losses as they have bought paddy from local farmers at very high prices and are now holding huge stocks of locally produced coarse medium quality rice, facing severe competition from cheap imported rice. According to sources, 60% of rice mills are facing closure due to difficulties in repaying huge loans and the rice industry per se is on the verge of collapse.
Corn
China, the world’s second largest corn consumer, has booked over 600,000 tons of corn from Ukraine this year and more deals are expected as Beijing’s stockpiling dries up supplies and boosts domestic prices. China’s move to import Black Sea shipments under a loan-for-grain deal is seen as a blow to US corn exporters who are struggling to sell the country’s record crop. US corn futures are trading near a six-week low with additional pressure from China’s purchases of Ukrainian corn.