Rice Prices Fall To Lowest Level In 16 Years
Date
11/13/2024 7:00:44 PM
(MENAFN- Yolo Wire) %Rice prices in Asia have fallen to their lowest level in more than 16 years due to an oversupply that far exceeds global demand.
The price of Thai white rice has plunged 11% to $509 U.S. a ton, according to market data.
That is the biggest price decline for white rice since May 2008 and extends a prolonged slump in prices that has been ongoing for 15 months.
Rice prices rallied last year after top exporter India implemented export restrictions to boost prices ahead of an election in that country.
However, India has since loosened those export restrictions, a move that has eased a domestic glut but flooded the world market with excess rice, driving down prices.
Rice is a vital grain in the diets of billions of people worldwide and contributes as much as 60% of the total calorie intake for people in many parts of Asia and Africa.
While rice prices have dropped sharply, prices for other food staples are rising as extreme weather threatens crops around the world ranging from coffee beans to cocoa.
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