Rice futures rose above $12.2 per hundredweight, the highest in over a week, on climate risks and continued Middle East disruptions despite ample supply and relatively weak global demand. Major producers in Southeast Asia are bracing for an extreme El Niño weather pattern expected to bring hotter, drier conditions and potentially affect rice production. Philippines recently warned that it could cut paddy rice production by up to 700,000 tons, or 3.5% of the annual target. At the same time, farmers continued to face high input costs due to disrupted fuel and fertilizer supplies amid limited traffic through the Strait of Hormuz. Rice exports from Thailand slipped 10.75% from January to May compared to the same period of last year. Meanwhile, recent data showed India’s rice stocks held in government warehouses surged to a record high of 68.43 million metric tonnes as of June 1, up 15% yoy and more than five times the official buffer requirement of 13.5 million tonnes for July 1.

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