The harvest of rice around the world in 2011-2012 should hit a new record of 721 million tonnes and lead to lower prices, the UN's Food and Agricultural Organisation said Wednesday.

With the growing season nearly over in the northern hemisphere and well underway in the southern, the FAO predicted in its latest quarterly report that rice production should increase by three percent from the previous year.

Adverse weather in Cambodia, the Philippines, and Pakistan had less of an effect than initially feared, it said.