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Nigerian traders expect locally parboiled rice to reach N50,000 per 50kg bag before December after floods destroyed 70,566 hectares of farmland. Paddy prices rose from N200,000 to N300,000 per tonne in three weeks, and diesel costs have nearly tripled.
Flood losses and higher diesel costs tighten Nigerian rice supply and raise import demand, supporting global rice prices and feed-grade alternatives.
36ng.ng36NG STAFF, LAGOSOct 29, 2022After 179 past bullish weather events, Rough Rice moved a median +0.4% over 5 sessions (55% higher; middle half -1.4% to +2.5%), and +2.2% over 20.
After 39 past bullish weather events, ULSD / Diesel moved a median +2.4% over 5 sessions (59% higher; middle half -4.5% to +6.1%), and +8.9% 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.
