Rice Prices

Rice prices averaged USD 427 per metric ton in May, up 5.0% from April. On 29 May, the commodity traded at USD 478 per metric ton, up 19.5% from 30 April.

In May, rice prices rose for the second consecutive month and reached a one-year high on rising costs of key inputs like fertilizer amid the Iran war plus mounting supply fears due to the El Niño weather event—which is expected to start by July and bring unusually hot and dry weather to key growing regions.