Asian rice prices surged in May, with Thailand white rice—the regional
benchmark—up 20%, the largest monthly rise since 2008. Chicago Board of Trade
rice futures gained about 15% this month. Drivers cited include weather risk and
war-driven spikes in energy and fertilizer costs that threaten output and could
push prices higher. Wang Binhong, commodity analyst at BMI (Fitch Solutions),
said prices will continue to rise. Forecasts for El Nifio to bring hotter, drier
conditions in parts of Asia would add further upward pressure.