Increased panic buying of food due to coronavirus lockdowns has led to price spikes for the world’s two staple grains, rice and wheat. Importers rushed to stockpile the goods, while exporters have curbed shipments.
The price of rice has hit seven-year highs, while wheat futures have risen by around 15 percent since the second half of March. The International Grain Council expects a sharp upturn in near-term demand for rice and wheat-based foods.
According to the Thai Rice Exporters Association, the price of five percent broken white rice (the industry benchmark) rose 12 percent between March 25 and April 1. Rice prices are now the highest since late April 2013, Reuters data showed.
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Due to Covid-19, Vietnam have announce not selling rice to it's neighboring countries since they're stock it for there own consumption. The Philippines who is an agricultural country has suffering food shortage. Thanks to Villar Group of companies, they're converted all ricefield available into real estate, a house and lot with to much high tag price.