According to the Thai Rice Exporters Association, Thailand’s 5% cracked white rice – the Asian benchmark – increased for the third consecutive week to $659 per ton on Wednesday. This is the highest level since October 2008.
Rice prices have hit a new 15-year high, fueled by strong demand and lingering supply concerns. According to the Thai Rice Exporters Association, Thailand’s 5% cracked white rice – the Asian benchmark – increased for the third consecutive week to $659 per ton on Wednesday. This is the highest level since October 2008 and has sent prices up about 38% this year, after top exporter India restricted exports and dry weather threatened production.
Rice is essential to the diets of billions of people in Asia and Africa, and the latest price hike could add to inflationary pressure and increase import bills for buyers. Some countries have increased purchases to stock up on supplies out of concern that the impact of El Niño could further tighten supply in the coming months.
Indonesian President Joko Widodo said last week that Thailand would deliver up to 2 million tons next year, while India agreed to supply 1 million tons. Meanwhile, the Philippines is expected to receive more than 500,000 tons of rice imported by the private sector until the end of February.
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