Weather has caused planting delays in the southern states and while the price hike is limited to the US, experts wonder if parts of Asia will be next
Blame El Niño. The weather phenomenon is causing havoc for US rice farmers and a sharp price spike in the world’s most important staple food may foreshadow possibly higher prices in Asia in the coming months.
While other commodities have hit recent lows, US rice futures prices are up nearly 40%, to about $12.90 per hundredweight, their highest level since August 2014. In sharp contrast, soybean and cotton prices are at their lowest level since early 2009, while sugar prices are just off their lowest levels since 2008. And matters are likely to get worse.
Source: Guardian Environment