which consumes 90% of the world's rice. "That could lead to rice futures falling in year-on-year terms to below their 2022 level, but remain elevated at "more than one third above their pre-Covid (2015-2019) mean value, in part as inventories are replenished after a period of extensive drawdown. "China is the largest rice and wheat producer in the world and is currently experiencing the highest level of drought in its rice growing regions in over two decades," said Goughary