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The price of Asia's main food has not been anything like the wild ride of other staples. (Photo by Akira Kodaka)
Market Spotlight

Thailand export earnings threatened by rice glut

Opinions diverge over outlook as fertilizer shortages loom

RURIKA IMAHASHI and APORNRATH PHOONPHONGPHIPHAT, Nikkei staff writers | Thailand

TOKYO/BANGKOK -- The surge in wheat and corn prices driven by Russia's invasion of Ukraine hit consumers around the world and made it harder for some to put bread on the table. But some Asian countries are grappling with a contrasting problem: a glut of rice that threatens to deal a blow to their export earnings.

Thailand heads the list of nations confronted with the unexpected specter of overabundance thanks to favorable weather in Asia's paddy heartlands. The region's countries are now in a fierce rice price war as they seek buyers for their swelling stocks, but there are sharp divisions of opinion over where prices go from here.

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