Rice, the staple for half the world, will probably drop on increased supplies, trailing other grains and curbing record food costs. Global stockpiles will increase 4.6 percent to 137 million metric tons by the end of this season, the highest level since 2002, Concepcion Calpe, senior economist at the UN Food & Agriculture Organization, said in an interview. Rice may drop 9.3 percent to $12 per 100 pounds in two months, said Jonathan Barratt, managing director at Sydney-based Commodity Broking Services Pty, who correctly predicted last year’s advance to $15.
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