Rice Prices Remain at 17-Month High Concern Over Tight Supply

Chicago: Rough rice traded around $15.12 per hundredweight on the first day of February 2022, close to levels not seen since July of 2020 amid expectations of lower supply.

Rising fertilizer costs in previous months limited the planting. Also, It is predicted that farmers will substitute the crops that are less dependent upon fertilizers, such as soybeans, or crops with more favorable financial returns, such as corn.

Moreover, prices increased on the back of logistic bottlenecks that are limiting rice exports from India, the world’s biggest rice exporter.