Rice Market Shows Strain After India’s 6-Week Campaign of Curbs

The world’s top shipper has placed restrictions on all of its exports, panicking governments from Asia to West Africa. Other big growers have tried to reassure consumers that rice supply is ample, but it’s done little to calm the market.

The anxiety over supply is understandable. Rice is vital to the diets of billions and contributes as much as 60% of the total calorie intake for people in parts of Southeast Asia and Africa. The benchmark price is currently at $646 a ton and weather could shake up the market even further. The Philippines was forced last week to place a cap on rice prices across the country due to an “alarming” increase in retail costs and reports of hoarding by traders. The nation is the world’s second-biggest importer of the grain.Guinea has sent its trade minister to India, while Singapore, Mauritius and Bhutan have requested that New Delhi exempt them from curbs on the grounds of food security — a provision the South Asian nation added when banning one variety.

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