The price of rice has been steadily dropping in the last 12 months from US$570 per metric ton to US$447 currently. This drop comes despite Thailand's Government attempt to manipulate the price of rice, with the rice subsidy scheme in place, to buy up rice and drive the price of rice exports up. Thailand is the world's largest rice exporter but India and Vietnam are not far behind and both countries have stepped up their production of rice to compete with Thailand.
What these macro economic events mean for you is that you Save $11.70 right now at Coles for Long Grain Rice and you can get a $10kg sack of rice for $10 (Red Ant Brand) current special offer, seen at Coles nation wide.
One can expect more confusion and fluctuations in the rice trading markets in the next short to medium term as Thailand's political unrest continues but, once settled, I expect the price of rice to increase again. So might as well get a couple of sacks right now. Limit 12 sacks per customer.
Great commentary.