Rice Prices in Asia Soar as Iran War Fallout Threatens Supply

Rice prices surged the most in more than two years on concerns about the supply outlook after the cost of fuel and fertilizer jumped due to the Iran war, prompting some Thai farmers to leave their crop in the ground.

Thai white rice 5% broken, an Asian benchmark, jumped 10% to $423 a ton in the week ended April 8, the biggest gain since August 2023. While it’s an early sign that rising input costs are starting to impact the market, prices have been on a prolonged downtrend and were recently near the lowest in over a decade.