Rice prices hit 7-year high as supply dwindles from coronavirus demand
Increased demand and export disruptions as a result of the coronavirus outbreak have sent the price of rice sky high in recent weeks.
By the numbers: Rough rice futures tracked on the Chicago Mercantile Exchange rose to their highest in six years, according to FactSet data.
- Thailand's so-called broken white rice hit a seven-year high late last week, per Reuters.
- The Thai Rice Exporters Association reported the price of industry standard 5% broken white rice rose 12% from March 25 to April 1.
What's happening: Rerouted global supply chains and travel bans in many large Asian countries are adding to the cost of rice delivery, while local populations have been stocking up on the food staple, driving demand higher while constraining supply.