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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