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Agricultural staple's price tipped to surge
01.02.2011 12:52 "Agro Perspectiva" (Kyiv) —
US farmers are planting the fewest hectares with rice since 1989 just as global demand surpasses production for the first time in four years, driving prices as much as 12 per cent higher by December.
Plantings in the US, the third-biggest shipper, may drop 25 per cent this year because growers can earn more from corn and soybeans, according to the median in a Bloomberg survey of nine analysts and farmers.
Rice, the staple food for half the world, declined 4 per cent last year, extending a 2.9 per cent drop in 2009.
The other crops jumped 34 per cent or more.
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