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If using a vanilla bean, use a paring knife to cut the bean in half lengthwise. Scrape the tiny seeds into a small bowl.
In a large nonstick saucepan, bring 4 cups horchata (or milk) just to a boil; stir in uncooked rice, vanilla bean and seeds (if using) and cardamom. Cook, covered, over medium-low heat for about 20 minutes or until most of the liquid is absorbed and the rice is tender, stirring frequently. Discard vanilla bean.
Stir in condensed milk, mango and raisins. Return to simmering. Cook, uncovered, for 4 minutes, stirring occasionally. Remove from heat; stir in vanilla extract (if using). Let mixture cool to room temperature (mixture will thicken as it cools). Cover and chill for 4 to 24 hours. Before serving, if necessary, add enough of the 1 to 2 tablespoons horchata (or milk) to reach the desired consistency. Top with toasted almonds and sprinkle with ground canela (or cinnamon).