Egypt Rice Official Says Price Rise Is Temporary

Egypt's rice research chief said the recent rise in paddy rice prices is temporary and a price correction driven by seasonal supply and demand.

• Abdel Razek attributed the increase to temporary demand from companies for thin-grain rice, saying wide-grain prices remain stable.
• He said about 25% of the rice crop remains with farmers, who have been reluctant to sell, with the market in a season-end phase.
• Paddy rice prices rose about 1,000 EGP per ton over the past two weeks, now ranging between 12,500 and 14,000 EGP per ton.
• Abdel Razek said Egypt is self-sufficient in rice, with production yielding about 4.5 million tons of white rice against consumption of 3.6 million tons.