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2026-11-05 10:20:29
[El Niño pushes Asian rice prices to near two-year high, global production may decline for the first time in over a decade] (1) Affected by the El Niño phenomenon, the benchmark price of Asian rice has risen to the highest level in nearly two years, which may further exacerbate food inflation pressures; farmers in many parts of Asia are currently in the rice harvesting season. (2) India, the world's largest rice exporter, is experiencing a drought that is more severe than in previous years, hindering crop production; the U.S. Department of Agriculture predicts that global rice production will decline for the first time in over a decade this season. (3) Data from the Thai Rice Exporters Association shows that as of Wednesday, the price of 5% broken white rice in Thailand, another major exporter, rose to $499 per ton, the highest since December 2024; Chicago brown rice futures prices have risen by more than 80% this year. (4) While rice prices are rising, prices of other major grains such as corn and wheat are falling. (5) Although it will take time for the rise in wholesale prices to be transmitted to the retail market, some regions have already shown signs of rising costs; data released by the Philippine government on Thursday showed that rice prices in the Philippines, the world’s largest rice importer, rose 7.8% year-on-year in October. (6) The Food and Agriculture Organization of the United Nations (FAO) also predicts that global rice production will decline in 2026-2027.
