Asian rice prices hit a near two-year high as El Niño cuts crops

Asian rice hits a near two-year high. Thai 5% broken white rice reached $499 per tonne as of Nov 4, the highest price since December 2024.

Dry weather is hitting the crop. El Niño drought is hurting crops in India, the leading exporter, and across Southeast Asia, just as harvests get underway.

USDA sees global output falling. The forecast is the first global rice production decline in over a decade, which points to tighter supply.

Chicago rough rice is up over 80%. Futures are up more than 80% year to date. If rice is in your formulas, watch how supply tightens.