China floods hit rice, corn crops; trigger food inflation worries

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BEIJING: Floods have damaged corn and rice crops in China's key northern grain-producing belt, traders and analysts said, with more rain in the forecast as another typhoon approaches, threatening to add to global food inflation pressures. The hit to China's cereal crops - the full extent of which is not ye

Floods are also likely to reduce rice output.

Fitch Ratings on Friday said that heavy rain in China's grain-producing region is likely to put upward pressure on global rice prices. Rice prices have already climbed more than 20 per cent since India announced its ban on exports of non-basmati white rice.

 

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