Rice prices soar globally

Traders in the rice market are betting that the commodity will become an alternative to wheat, which is becoming too expensive. And buyers started scrambling to buy any grain. The price of US rice on February 3 increased 4.2% to 16.89 USD / 100 lb, the highest since May 2020. From the beginning of the week to now, the price of US rice has increased by 11%, the highest since 2018. Wheat exports from Russia and Ukraine account for more than a quarter of the world's wheat trade and a fifth of global corn sales. Meanwhile, transportation in the Black Sea region is in turmoil. Global freight rates have begun to rise, driving up the cost of grain imports. "Everybody's trying to buy every starch they can afford," said Arlan Suderman, StoneX's chief commodity economist. "With wheat supplies severely tight in the world market, you'll see a need to shift to rice to feed everyone." Everything from wheat to oil to fertilizer saw prices skyrocket as tensions between Russia and Ukraine peaked, ...