High rice prices worldwide likely to continue into 2024

Arnong Mungoei has farmed rice in Thailand’s Khon Kaen province for half a century. Working land some 500 kilometers northeast of Bangkok never made her rich, but it provided a dependable livelihood. But since February 2022 when Russia invaded Ukraine, global geopolitical tensions and weather conditions elsewhere have upended the rice markets and by 2023, worldwide rice prices had exploded. Yet Arnong said she made less than she has in years. “The mills [that buy rice] don’t increase the price. What can I do? I bring rice there to sell. Whatever they offer us, we have to sell it. We won’t take the rice back because we had to pay for the truck,” said Arnong, 68. In 2023, the prices of wheat and grains such as oats and corn declined 20% to 30% as stocks were replenished, according to an annual report from the Food and Agriculture Organization of the United Nations. But according to the FAO report, rice prices remained high throughout the year due to a persistent La Niña in March, ...