Textiles makers say the rice-price crash will hit them harder than anyone else.
The price of rice fell by more than 60% from a high of $130 a tonne in April to about $10 a tonnage on Monday, to $30.75 a ton, according to the International Rice Prices Index.
Rice futures fell to $29.45 from $29 a ton.
The U.S. benchmark futures contract fell as much as 13.5% to $24.20.
The impact of the drop will be felt hardest on low-income families who rely on the U.K. government for food aid, said Scott M. Bower, president and chief executive of the American Textile Council.
The loss of income could affect the poorest Americans, especially in areas where prices have risen in recent years, said Mihir Bhargava, president of the Association of the Textile Industry.
The U.N. Food and Agriculture Organization said prices for rice, soybeans, wheat and corn will likely fall this year.
The index of world prices for grain, the primary ingredient in food, rose 1.5%.
“We are in a very difficult environment, where there is a lot at stake,” said Bhargava, who heads the trade group.
The rice price drop will also hurt other staple crops, such as wheat and maize, which are in the United States’ bread basket.
Wheat futures fell about 10% to trade at $4.20 a bushel in New York, down from $5.70 a bushe earlier in the day.
The futures contract for corn, which is the main ingredient in cornmeal and corn syrup, fell nearly 7% to end at $1.93 a bushell in New Hampshire.
The collapse in rice prices has prompted a nationwide boycott of U.P.O. products by retailers, restaurants and some retailers.
The American Retailers Association, which represents more than 600 U.G. retailers, said it would begin an “all-out effort” to fight the price cuts, saying they would hurt U.H.I.I., the nation’s largest retailer of rice, corn, wheat, sugarcane and soybeans.
The food industry says it expects the global drop in rice to lead to an even bigger drop in the prices of rice and other grains in the next year.
The prices of grains, including rice, have risen as the world has moved to more industrialized and agricultural systems, including genetically modified crops, which increase yields but have raised the risk of disease and crop loss.
The United States has been a major producer of rice for more than two decades.
The United Nations Food and Agricultural Organization says the global price of wheat is rising, with the price of a bushen now nearly five times higher than the price in 1990, according the International Wheat Board.
That is a rise of almost 70% in a decade.
Rices have been a key ingredient in several major food products.
Ranchers and other farmers rely on rice for the bulk of their food supply.
But the U,H.
Is. crop has been plagued by a severe drought that has forced the country to import food.
The industry has also seen a surge in imports of other crops that produce protein and other essential nutrients, including wheat, rice and corn.
The International Rice Price Index measures the price paid for a ton of rice by the International Food and Commercial Organization, an international trade organization, or the U.,H.i., which is responsible for international food prices.
The average price is calculated by subtracting the price for a bushet of wheat or other grains from the average price paid by U.R.A. buyers.RICE AND THE BUSHThe White House said the price drop could hurt U,P.
President Donald Trump, who has been criticized for a lack of action on climate change and the debt ceiling, has urged U.A.’s executives to do more to address rising costs.
The White, House and Treasury departments have called on the International Trade Commission to issue more rules to limit the use of subsidies and tax breaks to help U.U.P.’s suppliers.
U.B.I.’s general counsel, John F. Tye, said that while the ITC is investigating whether the company illegally subsidized prices for U.T.O., it is not investigating whether it illegally subsidizes the cost of rice.