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Asian rice prices surged to their highest level in more than two years as importers built up stockpiles over fears that El Niño will dry out plantations and damage crops. Thai white rice 5% broken rose about 15% in four months to $535 a ton, the strongest since early March 2021.
Importers stockpiling ahead of expected drought in Southeast Asia tightens near-term export supply and supports higher rice prices. Thailand and Vietnam, major exporters, face the greatest pressure on output.
bloomberg.comJul 11, 2023After 179 past bullish weather events, RICE moved a median +0.4% over 5 sessions (55% higher; middle half -1.4% to +2.5%), and +2.2% 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.
