Rice Futures Stall Near Two-Year High

Rice futures are struggling to overcome resistance near $16, after trending higher for six weeks and reaching their highest level in two years.

The rally was tied to gains in wheat futures and concerns over global food insecurity due to the wars in Ukraine and Iran. A disappointing monsoon season in India has also raised concerns about yields there.

Basis levels remain unfavorable with harvest in full swing, averaging near $1/cwt under the board in many locations.