Thai white rice 5% broken — an Asian benchmark — plunged about 11% to $509 a ton on Wednesday, according to the Thai Rice Exporters Association. That was the biggest decline in data compiled since May 2008, and extended a prolonged slide in prices to the lowest level in more than 15 months.
Rice rallied last year after top shipper India implemented export restrictions to contain local prices ahead of an election. The Asian nation loosened some curbs following recent national polls, a move that could help ease a domestic glut and cut import costs for countries such as Indonesia and Senegal.
The grain 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. While the price of rice has cooled, the costs of other food staples are rising as extreme weather threatens harvests around the world.
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