Important Takeaways:

• Rice on cusp of fresh 15-year high in Asia
• Rice prices are on track for a new 15-year high, threatening to spark more angst in Asia and Africa where the grain is the staple for billions.
• …an Asian benchmark — has jumped by $57 over the past two weeks to $640 a ton following a period of relative calm, putting prices just short of the highest level since October 2008. That milestone was reached in early August in the wake of sweeping export curbs from top shipper India.
• Rice is vital to the diets of billions and contributes as much as 60% of the total calorie intake for people in parts of Southeast Asia and Africa. Rising prices have fueled higher inflation in major buyers Indonesia and the Philippines.
• The onset of El Niño, which typically brings drier conditions to growing areas in Asia, is poised to crimp supply even further. Thailand’s production is set to decline 6% in 2023-24 due to the climate phenomenon, while Vietnam directed some farmers to plant their new crop early warning of drought risks.

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