In Brazil, rice prices have shown a substantial YoY increase of 36.57% in early Mar-24, although there was a 2% MoM decline. This price surge is due to challenges in rice production in Rio Grande do Sul due to persistent wet conditions, with the region contributing nearly 70% of Brazil's rice output. Additionally, historical data suggests that previous El Niño years, such as 2015/16 and 2002/03, reduced rice yields in the region, further impacting prices. Moreover, India's ban on non-basmati white rice exports since Jul-23 has contributed to a 17% surge in global rice futures prices since July 1st.
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