# Rice To Hit ₦‎50,000 Per Bag As Floods Ravage Farms – 36NG

> 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.

- Date: 2022-10-29 · published 2022-10-29T12:00:00.000Z
- Category: weather · region Nigeria · magnitude low
- Page: https://feedsoft.ai/events/7733-rice-to-hit-50-000-per-bag-as-floods-ravage-farms-36ng
- Commodities: [Rough Rice](https://feedsoft.ai/c/RICE.md), [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md)

## Why it matters

Flood losses and higher diesel costs tighten Nigerian rice supply and raise import demand, supporting global rice prices and feed-grade alternatives.

## Read by commodity

- RICE: bullish ▲
- DIESEL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| RICE | 2022-10-29 | [Rice To Hit ₦‎50,000 Per Bag, Find Out Why - Daily News Reporters](https://feedsoft.ai/events/7736-rice-to-hit-50-000-per-bag-find-out-why-daily-news-reporters.md) | +7.3% | +11.2% |
| RICE | 2024-08-31 | [Thai rice prices hit two-month peak, Bangladesh hit by floods – MillingandMillers.com](https://feedsoft.ai/events/28864-thai-rice-prices-hit-two-month-peak-bangladesh-hit-by-floods-millingandmillers.md) | -0.5% | +1.9% |
| RICE | 2023-07-06 | [Rice to get costlier as weather, India's farm perks threaten supply](https://feedsoft.ai/events/35133-rice-to-get-costlier-as-weather-india-s-farm-perks-threaten-supply.md) | +5.1% | -12.8% |
| RICE | 2023-08-11 | [China floods hit rice, corn crops; trigger food inflation worries \| Reuters](https://feedsoft.ai/events/34584-china-floods-hit-rice-corn-crops-trigger-food-inflation-worries-reuters.md) | -3.1% | +0.4% |
| RICE | 2020-03-06 | [Asia Rice-Drought-hit Thailand's rates soar to 6-1/2 yr peak on supply dearth](https://feedsoft.ai/events/7987-asia-rice-drought-hit-thailand-s-rates-soar-to-6-1-2-yr-peak-on-supply-dearth.md) | +0.9% | +9.3% |
| DIESEL | 2022-10-29 | [Rice To Hit ₦‎50,000 Per Bag, Find Out Why - Daily News Reporters](https://feedsoft.ai/events/7736-rice-to-hit-50-000-per-bag-find-out-why-daily-news-reporters.md) | -7.9% | -32.0% |
| DIESEL | 2017-08-28 | [As Harvey Rages in Texas, Diesel Starts to Climb - TT](https://feedsoft.ai/events/8389-as-harvey-rages-in-texas-diesel-starts-to-climb-tt.md) | +8.4% | +14.3% |
| DIESEL | 2017-08-31 | [Global fuel prices rise as Harvey's effects ripple  beyond U.S. Gulf](https://feedsoft.ai/events/8391-global-fuel-prices-rise-as-harvey-s-effects-ripple-beyond-u-s-gulf.md) | +7.1% | +8.9% |

## Sources

- 36ng.ng: https://36ng.ng/2022/10/29/rice-to-hit-%e2%82%a650000-per-bag-as-floods-ravage-farms/

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