Rice futures gave up some gains in March to trade below 13.5 USD/CWT following a coronavirus-induced meltdown on global commodities markets. Climate changes such as droughts, floods and irregular weather have caused significant damages to rice crops in top producers Thailand and Vietnam driving prices to a nearly six-year high of 13.7 USD/CWT in February. Prices are expected to extend the uptrend after the COVID-19 situation subsides, as the deficit in rice production anticipated to continue in 2020.
Historically, Rice reached an all time high of 24.46 in April of 2008. Rice - data, forecasts, historical chart - was last updated on March of 2020.
Rice is expected to trade at 13.63 USD/CWT by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 12.59 in 12 months time.