Flood-hit India, Pakistan face rising basmati prices amid crop losses

Heavy rains and widespread flooding in basmati rice-growing regions of India and Pakistan have raised concerns over output of the premium staple, driving prices higher as supplies are expected to fall. 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 basmati rice 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. India's northern states of Punjab and Haryana contribute over 80 percent of the country's total basmati rice production, while Pakistan's Punjab province accounts...