Just when food costs are the lowest in over 5 years, rice may surge over 40% if monsoon-season rains falter
Wed, Jun 17, 2015 - 5:50 AM
El Nino may crimp the monsoon season in India that starts this month, potentially hurting food output. Smaller crops in the country will send shipments tumbling 17 per cent to a five-year low, according to US Department of Agriculture estimates.
A RICE glut that sent prices slumping more than a year ago is shrinking, just as El Nino arrives to parch paddies across Asia.
Global inventories were already heading for an eight-year low, including stockpiles so spoiled that top exporter Thailand may sell most for...