Global Rice Shortage Sparks Soaring Prices

A rice shortage caused by higher fertilizer prices, drought in the Horn of Africa, and India's ban on rice exports is sending prices soaring worldwide. The ban has left a gap of around 9.5 million metric tons of rice, roughly a fifth of global exports, creating a supply crunch and spiking prices. The situation is worsened by extreme weather events like El Nino, which is expected to expand to supersized levels due to climate change. Countries heavily dependent on rice imports, such as Senegal and the Philippines, are struggling to ensure adequate supplies. Other major rice exporters like Vietnam and Thailand are trying to capitalize on the situation, but uncertainty and concerns about the El Nino are making exporters reluctant to take orders.