# Rice prices may stay elevated in 2024 amid global market tightness, says BMI

> BMI expects global rice prices to stay elevated through 2024 because of unfavourable weather and India's export restrictions. It projects Chicago rough rice futures to average US$16.50/cwt in 2024, versus US$16.69 in 2023, with the contracts at US$16.32 as of April 5. BMI expects India's restrictions to persist at least until after the Indian general election.

- Date: 2024-04-12 · published 2024-04-12T12:00:00.000Z
- Category: trade · region Global · magnitude medium
- Page: https://feedsoft.ai/events/6713-rice-prices-may-stay-elevated-in-2024-amid-global-market-tightness-says-bmi
- Commodities: [Rough Rice](https://feedsoft.ai/c/RICE.md)

## Why it matters

India's export curbs remove a major supplier from the market, keeping international rice quotations firm and supporting feed-grade rice and rice-byproduct costs. Easing is only expected in 2025 if La Niña brings higher rainfall.

## Read by commodity

- RICE: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| RICE | 2024-04-14 | 5 | +10.3% | 3.1 | BMI's view that tight global supply, weather and India's export restrictions will keep prices elevated, with Chicago rough rice futures near $16.32, supports a sentiment-driven rally. |
| RICE | 2024-04-14 | 1 | +6.4% | 4.9 | BMI's view that tight global supply and India's export restrictions will keep rice prices elevated, with rough rice futures near $16.32, supports bullish sentiment that could fuel a sharp upward move. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| RICE | 2022-11-16 | [Vietnam rice prices gain top spot on global markets](https://feedsoft.ai/events/38754-vietnam-rice-prices-gain-top-spot-on-global-markets.md) | +0.9% | -5.8% |
| RICE | 2024-02-21 | [The impact of India’s rice export restrictions on global markets, supplies and prices \| The Business Standard](https://feedsoft.ai/events/31740-the-impact-of-india-s-rice-export-restrictions-on-global-markets-supplies-and.md) | -1.0% | -2.4% |
| RICE | 2022-08-29 | [Thailand, Vietnam to cooperate in raising rice price in global market: Official \| The Straits Times](https://feedsoft.ai/events/40101-thailand-vietnam-to-cooperate-in-raising-rice-price-in-global-market-official.md) | +0.4% | +0.2% |
| RICE | 2023-07-26 | [India Rice Export Ban: Global rice markets in turmoil as India bans export of non-basmati \| Economy & Policy News - Business Standard](https://feedsoft.ai/events/35135-india-rice-export-ban-global-rice-markets-in-turmoil-as-india-bans-export-of.md) | -0.5% | -2.8% |
| RICE | 2024-11-29 | [Rice and shine: Parboiled prices soar as global markets heat up - Thailandtv.news](https://feedsoft.ai/events/27018-rice-and-shine-parboiled-prices-soar-as-global-markets-heat-up-thailandtv-news.md) | -0.1% | -9.3% |

## Sources

- theedgemalaysia.com: https://theedgemalaysia.com/node/707714
- businesstoday.com.my: https://www.businesstoday.com.my/2024/04/12/bmi-rice-prices-may-stay-elevated-in-2024-amid-global-market-tightness/
- thehindubusinessline.com: https://www.thehindubusinessline.com/economy/agri-business/us-is-a-major-beneficiary-of-indias-curbs-on-rice-exports/article68057612.ece
- tridge.com: https://www.tridge.com/news/rice-prices-may-stay-elevated-in-2024-amid-g-iqmdhn

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.