Pakistan Floods Destroyed $2.9 Billion of Agricultural Products

The floods in Pakistan caused 250 billion rupees ($2.9 billion) of damage to crops such as sugar cane, cotton and rice.

The waters destroyed 700,000 acres of planted cotton and 200,000 acres each of rice and sugar cane, Mohammed Ibrahim Moghul, chairman of farmers' group Agri Forum Pakistan, told Bloomberg News.

The rains also wiped out 500,000 metric tons of wheat and 100,000 head of livestock

"Dozens of districts have been totally flooded, which means crops have been damaged, strategic food stocks have been damaged and the soil destroyed," Maria Kuusisto, an analyst at Eurasia Group, told Bloomberg News.

Wheat and sugar prices rose on speculation that Pakistan, the world's sixth most-populous country, may be forced to import the foodstuffs as a result of the flood.

The floods have killed at least 1,600 people and displaced 14 million.

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