Global Rice prices surge to 15-year high

News Image

MG News | August 09, 2023 at 02:48 PM GMT+05:00

0:00

August 09, 2023 (MLN): Global rice prices soared to the highest in almost 15 years in Asia on mounting concerns over global supplies as dry weather threatens production in Thailand and after top shipper India banned some exports, Bloomberg reported.

Thai white rice 5% broken, an Asian benchmark, jumped to $648 a ton, the most expensive since October 2008, according to data from the Thai Rice Exporters Association on Wednesday.

That brings the increase in prices to almost 50% in the past year.

Rice is vital to the diets of billions of people in Asia and Africa, and the surge in prices could add to inflationary pressures and boost import bills for buyers.

The latest threat to supply comes from Thailand, the second-biggest shipper. Authorities are encouraging farmers to switch to crops that need less water as the nation braces for drier conditions with the onset of El Niño.

Cumulative rainfall in the key central growing region is 40% below normal, and the move to curb planting is to conserve water for households. The government previously asked growers to reap only one crop this year.

Last month, India widened its shipment ban to protect domestic supplies, spurring panic buying in some countries. The curbs exacerbated worries over a global shortage amid growing world consumption.

The price surge will aggravate stresses in global food markets that have been rocked by wild weather and reduced grain supplies from the Black Sea region because of Russia’s war in Ukraine.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 138,412.25
167.69M
0.32%
447.43
ALLSHR 85,702.96
423.92M
0.15%
131.52
KSE30 42,254.84
82.09M
0.43%
180.24
KMI30 194,109.59
84.37M
0.15%
281.36
KMIALLSHR 56,713.67
217.03M
0.03%
16.37
BKTi 37,831.34
13.04M
1.62%
603.62
OGTi 27,440.63
3.93M
-0.09%
-23.70
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 118,620.00 119,740.00
118,145.00
325.00
0.27%
BRENT CRUDE 73.34 73.52
71.75
0.83
1.14%
RICHARDS BAY COAL MONTHLY 96.50 0.00
0.00
2.20
2.33%
ROTTERDAM COAL MONTHLY 104.50 104.50
104.50
-0.30
-0.29%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 70.20 70.35
68.45
0.99
1.43%
SUGAR #11 WORLD 16.50 16.58
16.37
-0.09
-0.54%

Chart of the Day


Latest News

Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg