An anomaly since COVID disrupted supply chains is that the price of rice has been more stable than other food staples such as corn and wheat.
One argument for this is that a far smaller share of total rice production is traded, making it less subject to global supply/demand volatility.
This runs counter to arguments that a diversified supply chain means that a production problem in one area is remedied by surplus supplies arriving from elsewhere. Historically, the prices for these three food staples have correlated. However, rice has itself encountered periods in which its price has proved an outlier. In 2008, it reached high levels relative to wheat due to a supply shortage. In 2002 and 2013, rice farmers were exasperated...
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