Market Highlight 06.11.2026

Rice prices across Asian markets have risen to their highest level in nearly two years, threatening to accelerate food inflation as El Nino disrupts production of the staple grain. Farmers across Asia are in the middle of the harvest season, but drier-than-normal weather has affected crops in countries such as India, the world’s largest exporter. Both the U.S Department of Agriculture and the Food and Agriculture Organization of the United Nations forecast that global rice production will decline this season for the first time in more than a decade. This is expected to push prices higher, with Thailand’s benchmark 5% broken white rice rising to 499 USD/tonne on Wednesday, the highest level since December 2024. Rough rice futures in Chicago have also surged by more than 80% since the beginning of the year. The current El Nino event is one of the strongest on record and has been associated with dry conditions across much of South and Southeast Asia, which together produce more than half of the world’s rice. Rice prices in the Philippines, the world’s largest importer, rose by 21% year-on-year in October. Rice is a staple food across large parts of Asia, Africa and the Middle East.

Gold prices surged to their highest level in more than two weeks at 4.146 USD/ounce as the USD and U.S Treasury yields eased following the U.S midterm election results. If gold can remain above 4.000 USD/ounce, the precious metal could recover toward the 4.200 - 4.400 range in the near term. Lower energy prices are helping ease inflationary pressures, reducing expectations that Central Banks will need to keep interest rates higher for longer and thereby strengthening the appeal of gold.

Interbank USD/VND fell sharply to around 25.625 by the end of Thursday, with an intraday low of 25.610.

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