Rice prices surged to their highest in almost 12 years, said the United Nations' food agency.
"We will most probably see a higher FAO rice price index for August 2023 vs July 2023," Oscar Tjakra, senior analyst at global food and agriculture bank Rabobank, told CNBC.
He added that India's non-basmati white rice export ban came at a time of seasonal low inventories in major global suppliers of rice, especially those in Asia.Prices could surge further if other countries follow suit in implementing export restrictions. "The prices can go even much higher if importing countries try to stockpile rice for domestic food security, and exporting countries put export restrictions," said Samarendu Mohanty, Asian regional director at International Potato Center.could further exacerbate risks on global production in other major Asian rice producers such as Thailand, Pakistan and Vietnam.
"For the next few months, global rice prices' direction will be determined by the impact of El Nino," Tjakra said in an email. Rice, being a vulnerable crop, has the highest probability of simultaneous crop loss during an El Nino event,
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