Rice Prices to Rise on India Export Curbs, Adding to Ukraine, Weather Woes

Rice prices are set to surge after top exporter India banned a large chunk of shipments, adding to stresses on global food markets that have already been roiled by bad weather and the worsening conflict in Ukraine.

“In the short term, the price is definitely going up, it’s just a question of how high up it will go,” said Chookiat Ophaswongse, honorary president of the Thai Rice Exporters Association, one of the world’s biggest shippers of the grain. “And it will be a spike, it’s not going to be increasing incrementally.”