Indian export curbs on parboiled and basmati rattle the world rice market

India’s restrictions on rice exports have caused panic in the global market, with rice prices in Asia nearing a 15-year high. The anxiety over supply is justified as rice is a vital food source for billions of people. The onset of El Niño threatens to further disrupt the market, and if Thailand and Vietnam follow India’s lead in imposing export controls, world rice prices could surpass $1,000.