Gelonghui, May 17丨The weather has once again disrupted the rice market. After a period of calm, the price of this staple food has returned to a 15-year high.
Supplies were disrupted last year due to sweeping export restrictions from India, the world\’s largest exporter, and concerns that El Niño-induced dry weather would curb output in key growing areas of Southeast Asia.
Now, catastrophic flooding in southern Brazil has heightened unease.
The price of Thai white rice has increased by US$71 since the beginning of April to US$649/ton.
In January this year, Thai white rice prices reached their highest level in more than 15 years.
Charles Hart, a commodities analyst at Fitch\’s BMI unit, said that severe flooding in Brazil has led to a recent surge in rice prices. Rio Grande do Sul, which accounts for 70% of Brazil\’s rice production, is expected to be affected in the next few weeks.
Meanwhile, International Grains Council analyst Peter Clubb said the slowdown in grain supplies in Southeast Asia has also pushed up prices.
He said this is because the harvest of Thailand\’s minor crops and Vietnam\’s main winter and spring crops has ended.
Weather disrupts global rice market, prices rise to 15-year high
Gelonghui May 17丨Weather has once again disrupted the rice market, with prices for this staple returning to 15-year highs after a period of calm
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