Fears of border closures and devaluing currency caused a hike in rice prices in Turkey

The Turkish Grain Board (TMO) had earlier announced the purchasing prices of different rice varieties however, the current situation with the Turkish local currency losing value against the US dollar and fears over a second wave of Covid-19 outbreak and some countries such as Italy banning exports of rice, made Turkish traders start purchasing rice at higher prices.
Despite the TMO has set a price of $580 per ton for Baldo variety, some processing factories are purchasing rice at $750 per ton in order to build up stocks.
While Turkey is expecting to have a production output of over 1 million tons of rice this year, the rice imports during the first 7 months have increased by 12% from 166 KMT to 186 KMT this year.