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Rice continues to be in the news. Since India banned non-Basmati rice exports in July, rice prices have risen markedly, raising concerns that other countries might follow suit and also restrict trade. As a case in point, Myanmar, the world's sixth largest rice exporter, announced new export licensing requirements while the Philippines has put in place price ceilings to cap retail rice prices. All of these actions have occurred as a strengthening El Niño threatens to cut rice production of key Asian suppliers and push prices higher. ASEAN leaders have recognized the threat to food security and recently confirmed their commitment to keep the flow of agricultural products unimpeded and refrain from using 'unjustified' trade barriers. AMIS will continue working with its participating countries to promote the open flow of food commodities.

High levels of acute food insecurity persist in 2023 due to protracted food crises and new shocks – but there are improvements in some countries.

The war in Ukraine and India's export restrictions on rice have dominated commodity news in recent weeks. In late July, India announced a ban on non-Basmati rice exports and has since then imposed further restrictions on Basmati and parboiled rice exports. Those restrictions, combined with El Niño-related concerns over rice production in the region, have roiled rice markets, with Thai prices rising 20 percent since last month. Wheat prices are still under pressure from abundant Black Sea exports at competitive prices, but markets remain volatile as the termination of the Black Sea Grain Initiative and Russian attacks on Ukraine export facilities have heightened uncertainty. Global soybean and maize production prospects are improved this year with some stock rebuilding anticipated despite dryness in North America, Argentina and parts of Europe.