BEIJING, May 1 -- The UN Food and Agriculture Organization, has said that rice prices are expected to ease as countries rush to increase output. But it said the market is unlikely to return to levels seen in recent years.

    A five percent jump in the price of rice over the last week has taken the grain to nearly three times its level at the start of the year. The surging price of fuel and food has so far sparked riots in Africa and Haiti, though not in Asia. Some analysts attribute the price surge to panic buying by both consumers and governments rather than a dire shortage of supply.

    He Changchui, Assistant Director-General of UN Food & Agriculture Organization said "The current prices have been distorted. You wouldn't anticipate it as high as that."

    In Thailand, the world's biggest rice exporter, prices could ease by 20 percent as a new domestic crop hits the market.

    Un-milled rice for May delivery fell 2.4 percent to 22.74 U.S. dollars per hundredweight in Asian trading early on Wednesday, while both July and September contracts dropped more than 3 percent.

    The FAO said some countries are expecting bumper crops while others are taking steps to boost their future production. But it warned consumers may not see immediate price relief.

    He Changchui said "The next season, which is the price that going to be ease. But I shouldn't advise, that the consumer society should not be expect the same lower level of the prices which we had enjoy for the last twenty years."

    Thailand expects to produce 4.2 million tons of milled rice from a smaller, second crop due to be harvested by May, according to the country's Commerce Ministry. 1.6 million tons of additional paddy rice, equivalent to one million tons of milled rice, is due to hit the market in June.

    (Source: CCTV.com)

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