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Thai white rice 5% broken, an Asian benchmark, fell about 11% to $509 a ton on Wednesday, according to the Thai Rice Exporters Association. It was the steepest one-day decline in data compiled since May 2008.
The drop followed India's relaxation of some rice export restrictions.
India's easing of export curbs restores a large supply source to world markets, pressuring Asian benchmark prices lower. Cheaper rice is a bearish signal for rice-based feed and food-grade supply.
bloomberg.comBernadette TohOct 3, 2024After 100 past bearish policy events, RICE moved a median -0.1% over 5 sessions (49% higher; middle half -1.7% to +1.6%), and +0.1% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
