Against the backdrop of the strengthening of El Nino, rice prices in Asia have reached a two-year high, Bloomberg reports.
According to the Rice Exporters Association of Thailand, the most common rice variety in the region – Thai white rice with 5% additive – has risen in price by 15% over the past 4 months to the highest level since March 2021 – $535/t.
The dry weather that El Niño may bring to Southeast Asia will negatively affect the outlook for the harvest of major agricultural crops. In view of possible disruptions in supply chains, buyers have already started stocking up on products.
Source: Graintrade