Asian rice prices surged 20% in May, with production threatened by war and weather conditions.

Rice prices in Asia saw the largest monthly increase in nearly two decades in May. The threat of rising production costs due to weather risks and soaring energy and fertilizer costs caused by conflict could lead to further price increases in the future. Thailand's benchmark white rice prices rose by 20% in May, the largest monthly increase since data has been recorded since 2008. Rice futures prices on the Chicago Mercantile Exchange also rose by 15% this month. Wang Binhong, a commodities analyst at Fitch Solutions' BMI, stated that prices are expected to continue rising. It is predicted that the El Nio phenomenon may bring hotter and drier weather to certain regions in Asia, further pushing up rice prices.