Rice Futures Hover at 2-Year Highs

Rice futures traded near $16 per hundredweight, holding close to their highest level since July 2024, amid expectations of tighter supply. While global rice supplies remain ample, erratic weather and below-normal monsoon rains in major Asian producers continue to cloud the supply outlook. Top exporter India is on course for its weakest monsoon in nearly two decades in the face of a strengthening El Nino weather phenomenon. India’s rice output is set to fall for the first time in a decade, with the decline expected to be the steepest in nearly 20 years.