Rice Soars to Two-Year High in Asia on El Niño Drought Risks
- Dry weather in Asia likely to hurt output of the food staple
- Buyers have been stocking up on concerns over supplies
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Rice prices in Asia have surged to the highest level in more than two years as importers build up stockpiles on fears that the onset of El Niño will parch plantations and damage crops.
A benchmark grade in the region, Thai white rice 5% broken, has climbed about 15% in the past four months to $535 a ton, the strongest since early March 2021, according to data from the Thai Rice Exporters Association.