AGRICULTURE
El Niño threat to rice prices
July 6, 2023 -
An El Niño-delayed monsoon in India and southeast Asia is projected to
lower rice production in the critical region, causing a surge in export prices.
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More than 40% of the world’s rice exports are set to come from India this year, but low stocks are further threatened by El Niño which has delayed the monsoon in southeast Asia, lowering projected yields in many of the key producing countries. El Niño typically causes lower rainfall in Asia, reducing production of the water-intensive crop.
In addition, Indian prices have been rising due to a support mechanism introduced by the government to boost payments to rice farmers with a minimum price. As Indian prices rose, other suppliers have also raised their prices.