Thai rice just got a lot pricier, up 10% to $423 per ton, mainly because the conflict in Iran is making fuel and fertilizer more expensive, and disrupting supply chains.
As one of the world's top rice exporters, Thailand is feeling the pressure, and it's shaking up global markets.
Thai farmers suspend rice cultivation
With costs rising so fast, some Thai farmers have had to suspend rice cultivation altogether.
Oscar Tjakra from Rabobank puts it simply: profits aren't enough to cover expenses right now.
Add in a tough dry season, higher shipping costs due to Middle East unrest, and a stronger baht, and growing rice has become even harder.
Rice prices risk persisting into May
If things don't settle down soon, high prices could stick around, just as planting season starts in May.
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