Rice prices averaged USD 524 per metric ton in October, down 10.4% from September. On 31 October, the commodity traded at USD 507 per metric ton, down 11.1% from 30 September.
As in the previous month, October’s price dynamics were dominated by looser export restrictions in India, after its ban—introduced in July 2023—pushed prices to a 15-year high. The USDA raised notably its projection for 2024/25 global supply, as India’s expected record production is set to push the market to a surplus.
This chart displays Rice (US$/mt) from 2022 to 2024.
Rice (prices in US$/mt, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
|---|---|---|---|---|---|---|---|---|
| Rice | 492 | 507 | 588 | 609 | 638 | 620 | 589 | - |