Thai rice price spikes

Rice prices soared to the highest in almost 15 years in Asia on mounting concerns over global supplies as dry weather threatens production in Thailand and after top shipper India banned some exports.

Thai white rice 5% broken, an Asian benchmark, jumped to $648 a ton, the most expensive since October 2008, according to data from the Thai Rice Exporters Association on Wednesday.

That brings the increase in prices to almost 50% in the past year.

Rice is vital to the diets of billions of people in Asia and Africa, and the surge in prices could add to inflationary pressures and boost import bills for buyers.

The latest threat to supply comes from Thailand, the second-biggest shipper.

Authorities are encouraging farmers to switch to crops that need less water as the nation braces for drier conditions with the onset of El Niño.

Carvana raises profit outlook

Carvana raised its profit outlook as the used-car retailer said the momentum it saw from an early-year turnaround is carrying into the third quarter.

Adjusted earnings before interest, taxes, depreciation and amortization will be more than $75 million in the current three-month period, according to a statement Wednesday.

That compares with a prior outlook of “positive” adjusted financial data and a consensus analyst estimate of $45.7 million.

The revised forecast is another hopeful sign for investors as Carvana looks to regain its footing after stumbling coming out of the pandemic.

The Tempe, Ariz.-based company has been grappling with heavy debt loads following an ill-fated expansion several years ago, an issue compounded by a slowdown in the used-car market.

The latest move comes just three weeks after the company reported better-than-expected second-quarter results and announced that it would restructure its debt, a relief for investors.

From wire reports