By IFCMarkets
World rice yield may be larger than expected
India is the world’s largest rice exporter and the 2nd largest producer after China. The Ministry of Agriculture of India (Ministry of Agriculture & Farmers Welfare) awaits a rice harvest in the 2019/2020 season in the amount of 117.5 million tons, which is 0.9% more than the previous period. This is a new historical record. The Vietnamese Ministry of Industry and Trade (MOIT) announced a growth in rice exports in 2019 by 4.2% to 6.4 million tons. Vietnam Food Association forecasts its further increase in 2020 as well – by another 6%. In their statement the outbreak of coronavirus had no negative impact on the Vietnamese rice shipment to China and neighboring countries. Let us remind that as the United States Department of Agriculture predicts, the global rice yield in 2020 will be approximately the same as in 2019 and will slightly exceed 496 million tons.
| Indicator | VALUE | Signal |
|---|---|---|
| RSI | Sell | |
| MACD | Sell | |
| MA(200) | Neutral | |
| Fractals | Neutral | |
| Parabolic SAR | Sell | |
| Bollinger Bands | Sell |
| Order | Sell |
| Buy stop | Below 13.32 |
| Stop loss | Above 13.9 |
Market Analysis provided by IFCMarkets