Rice Prices Soar to Record Highs
April 9th, 2008
The global shortage of rice has sparked a panic buying from consumers, causing the price of rice to nearly double.
The shortage is so critical that Thailand, the world’s largest exporter of rice, has imposed limits on exports to ensure domestic supply. Recently, Vietnam has also lowered its rice export quota from 4.5 million metric tons to 4.4 million metric tons. India has banned the export of non-basmati rice altogether.
Last week, rough rice closed at $20.20 per 100 pounds on the Chicago Board of Trade, a 77% increase since October, when it traded at $11.40 per 100 pounds.
It is estimated that the tight supply conditions may not be resolved until the end of this year.
Sucks! This is especially bad news for me since I eat rice 24/7.