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02.06.26 - 10:33
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The Cost Of The Grain That Feeds Half The World Just Posted Biggest Monthly Surge Since 2008 (ZeroHedge)
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The Cost Of The Grain That Feeds Half The World Just Posted Biggest Monthly Surge Since 2008
Asian rice prices logged their biggest monthly gain in nearly two decades in May, as a Gulf energy shock collides with an expected El Niño event later this year. The spike adds to the mounting risks of a broader food price shock that could emerge as soon as six months from now.
Any time rice prices spike, it is a major concern because the grain feeds more than half the world's population, estimated at 3.5 to 4 billion people.
Thailand white rice, a regional Asian benchmark, surged 20% in May, the largest monthly increase in data going back to 2008, according to Bloomberg. Chicago rice futures rose 15% last month.
Seasonality:
BMI analyst Bin Hui Ong warned that an expected El Niño event later this year will unleash adverse weather conditions across major rice-growing belts in Asia, including hotter, drier conditions. She noted this adds further upside to rice prices in the months ahead.
It is not j...
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