Rice Rallies Toward 15-Year High as Weather Again Batters Crops
Once calm, the rice market faces turmoil as weather disruptions drive prices to near 15-year highs. Export restrictions from India and El Niño fears had disrupted supplies. Now, catastrophic floods in southern Brazil worsen concerns. The staple’s stability is challenged as global factors impact Southeast Asia’s output.
Weather is rattling the rice market once more, driving prices of the food staple back to the cusp of 15-year highs after a period of calm.
Supplies were already upended by sweeping export restrictions from top shipper India last year and worries that drier weather from El Niño would curb output in the important growing region of Southeast Asia. Now catastrophic floods in southern Brazil are adding to the jitters.
Source Link : https://www.bloomberg.com/news/articles/2024-05-17/rice-rallies-toward-15-year-high-as-weather-again-batters-crops
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