World: Rice prices fall most in 16 years after India lifts export restrictions

(By Planeta Arroz) Asian rice prices fell the most in 16 years as supply concerns eased after India eased some export restrictions over the weekend. Thai white rice with 5% broken grain — an Asian benchmark — fell 11% to $509 a tonne on Wednesday (Oct. 2), according to the Thai Rice Exporters Association (TREA). That was the biggest decline in data compiled since May 2008, Bloomberg reported, and extended a prolonged slide in prices to the lowest level in more than 15 months. Rice rebounded to global highs last year after top exporter India implemented export restrictions to keep local prices in check ahead of a general election. But with production and stockpiling rising, and with 95% of elections already completed, the Asian nation has eased some restrictions, a move that could help alleviate domestic gluts, the prospect of a logistics bottleneck and warehouse unavailability, and cut import costs for countries such as Indonesia and Senegal. The grain is vital to the diets of ...