Rice Hits 28-month High

Rice increased to 17.75 USD/cwt, the highest since June 2024. Over the past 4 weeks, Rice gained 8.42%, and in the last 12 months, it increased 76.94%.

Rice increased to 17.50 USD/cwt, the highest since June 2024. Over the past 4 weeks, Rice gained 6.92%, and in the last 12 months, it increased 70.4%.

Rice futures traded above $17 per hundredweight, staying close to their highest level since July 2024, amid mounting supply concerns in major Asian exporting countries. India’s rice output is projected to decline by 7 million tonnes to 147 million tonnes in the 2026/27 marketing year following a weak monsoon. According to the USDA, Indian rice exports could also fall by around 4% to 24 million tonnes in 2027. The projected decline is significant for global markets, as India accounts for more than 40% of worldwide rice exports. Meanwhile, flooding in Thailand has disrupted rice transportation and raised concerns over planting delays and potential crop losses. The risk of a strengthening El Niño adds further uncertainty to production prospects. Higher freight and insurance costs are also increasing shipping expenses, while stronger demand, particularly from African countries, is adding to pressure on the global rice market.