The Mudcat Café TM
Thread #109897 Message #2302901
Posted By: Q (Frank Staplin)
01-Apr-08 - 12:31 AM
Thread Name: BS: Global Rice Crisis
Subject: RE: BS: Global Rice Crisis
The jump in the trading price was fantastic- $580 a tonne on Wed., $760 a tonne on Thursday. In January, the price was about $380 a tonne.
According to the Financial Times, the Philipines shortfall couldn't be filled through market purchases; they need 500,000 tonnes. They are tapping some emergency stocks maintained by Vietnam and Thailand for a small part of their needs. African nations are already severely affected.
The president of the Thai Rice Exporters said he doesn't know where importing countries are going to get rice and forcasts continuing price increase. There is not enough to go around. The restrictions noted above have removed about one-third of the rice traded on the international market.
Rice famines this coming winter? Wheat and corn (maize) also short.