Rice prices poised to climb higher as supply remains tight
The rice market is set to remain tight at the start of the year on India’s ongoing export restrictions and an expected boost from festival demand, providing impetus for elevated prices to climb even higher.
The grain is vital to the diets of billions and further price gains would stretch household budgets. Thai white rice 5% broken — an Asian benchmark — rallied to a fresh 15-year high at the end of last year of $659 a ton.
“We know rice markets will remain tight for the foreseeable future, largely due to India’s export ban,” according to Peter Clubb, a commodities market analyst at the International Grains Council in London. “We also have Eid coming up in April, and the period before Eid tends to see good demand from markets with significant Muslim populations in Asia and Africa.”…..
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