Heavy rain and widespread flooding in basmati rice-growing regions of India and Pakistan have raised concerns over output of the premium staple, driving prices higher on an expected fall in supply.
India and Pakistan exclusively grow aromatic basmati rice, which sells for nearly twice the price of regular varieties and is primarily imported by Britain, the Middle East, and the United States.
Floods have severely affected the crop, but with waters now receding, losses are expected to remain limited provided there is no additional rainfall, said Nitin Gupta, senior vice president at Olam Agri India.
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