Rough Rice Sep '23–Jan’24 (ZRU23 through ZRF24) still looks anemic, but soon the commodity price will likely experience a notable breakout. Rough Rice Futures price (per hundredweight) equal to 15.778 USD at July 27, 2023. Based on our forecasts, a long-term increase is expected, the "RR" commodity price forecast for July 19, 2028 is USD 24.62 per hundredweight. With a 5-year investment, the ROI is expected to be over +56%.

After India banned all non-basmati rice exports, Philippine President Ferdinand Marcos Jr. said the country must boost its rice stocks and that he may seek a supply deal, exactly with India, being worried about the potential impact of El Nino dry weather on the local harvest and about other suppliers. Marcos, who is acting also as agriculture secretary, expressed concern about the global supply situation. "Everybody is preparing for El Nino, all of Southeast Asia."

The Philippines, one of the world's biggest rice importers, traditionally buys the staple grain mainly from its neighbor Vietnam. But Marcos said supply from Vietnam might become limited as other buyers crowd in.

The Russian government has temporarily banned the export of rice and rice groats from the country. "The decision was taken to maintain stability in the domestic market," the government said. As noted, the ban will be in effect until December 31, 2023.

Earlier in July it was reported that exchange prices for rice in the Asia-Pacific region soared to a 3-year high. At the same time, experts admitted that the trend of rising rice prices will continue in the medium term against the background of acute dependence of a number of Asian and African countries on foreign supplies.