> The crop situation index for rice grown in 2023, indicating the amount of the rice harvest, was 101
Does that mean that each acre is producing about 100% of the average production, or that the total production is about 100% of the average production?
The article makes it sound like the change in production is neglectable and that the change in demand is tiny, implying that a high estimate would be about 0.5% increase in demand.
Crop situation index is percentage yield of the area cultivated. 2023 had 101% of the expected yield per area, so it’s not a bad harvest (2022 had a 96 due to the typhoon, for instance). Which means the high price of rice results from some combination of increased consumption or reduced cultivation area.
Does that mean that each acre is producing about 100% of the average production, or that the total production is about 100% of the average production?
The article makes it sound like the change in production is neglectable and that the change in demand is tiny, implying that a high estimate would be about 0.5% increase in demand.