Rice on Cusp of Fresh 15-Year High in Asia After Sharp Rebound
- Benchmark price has surged over past two weeks to $640 a ton
- Thailand’s output to decline in 2023-24 due to El Niño impact
Increased demand for Thai rice from unexpected buyers such as Brazil and the Philippines has contributed to the rise.
Photographer: Luke Duggleby/BloombergThis article is for subscribers only.
Rice prices are on track for a new 15-year high, threatening to spark more angst in Asia and Africa where the grain is the staple for billions.
Thai white rice 5% broken — an Asian benchmark — has jumped by $57 over the past two weeks to $640 a ton following a period of relative calm, putting prices just short of the highest level since October 2008. That milestone was reached in early August in the wake of sweeping export curbs from top shipper India.