Rice prices set to climb further after India export ban, trade at standstill

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India, which accounts for 40% of the world's rice exports, has banned a major share of its exports to reduce domestic rice prices, causing the Asian rice trade to pause. Traders expect prices to climb substantially in the coming days, with a minimum gain of around $50 a metric ton and it could be $100 or even more. Nearly 90% of the water-intensive crop is produced in Asia, where the dry El Nino weather pattern is likely to curb supplies, and rice is a staple for more than 3 billion people.

from Agriculture-Economy-News-Economic Times https://ift.tt/eCJWro8

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