Rice prices fell the most in Asia in more than 16 years as concerns over supply eased after India lifted some export restrictions. 

The price of Thai white rice (5% broken), a key Asian benchmark, saw a significant drop of approximately 11%, falling to $509 per ton, as reported by the Thai Rice Exporters Association. This marks the largest decline since May 2008 and extends a downward trend, reaching its lowest point in over 15 months.

Last year, rice prices surged after India, the largest exporter, imposed restrictions to stabilise local prices ahead of elections. However, the recent easing of these measures post-election could alleviate domestic oversupply and reduce import costs for countries like Indonesia and Senegal.

Rice is a staple for billions, providing up to 60% of the calorie intake in many Southeast Asian and African regions. While rice prices have softened, other food prices are rising due to extreme weather, which poses a threat to global harvests.

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