Worldwide shortage of rice shoots prices soaring

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Worldwide shortage of rice 
shoots prices soaring

 ______________________________________


 
21 Feb 08 - Asia News Network- Bangkok As the price of rice climbs across South Asia, farmers and millers in Thailand are sitting on stocks and waiting for it to rise even further, said a top rice exporter in Bangkok.

The exporter, who requested anonymity, told The Straits Times: 'In my 25 years of trading, I have never seen such a bad position.' There is a rice shortage in Bangladesh and China too, among other countries, while there is a wheat shortage in Afghanistan.

In local markets in Pakistan, the price of rice has gone up over the past month by more than 60 per cent. India recently contributed to soaring world prices when it imposed a ban on rice exports. China has banned rice exports to ensure enough is available for domestic demand.

From Kansas to Kabul, high rice and wheat prices are worrying officials and economists, and beginning to hit consumers harder than many can remember. In Singapore in the past three months, prices have risen sharply by 30 per cent to 40 per cent, said a spokesman for rice importer Tong Seng Produce. .

The causes of the shortages and high prices are diverse, and vary from country to country. They include natural disasters or adverse weather; high fuel prices, which add to transport costs; hoarding and smuggling of rice and wheat to take advantage of higher prices across national borders; and, in Pakistan, a shortage of electricity that is reportedly hampering mills from functioning at full capacity.

Worldwide, economists are worried that the diversion of agricultural land and certain crops to biofuel production is cutting into grain and cereal production for human consumption.

In the United States, wheat futures in Kansas City, Chicago and Minneapolis have surged to record highs on forecasts of tighter supplies and continued strong demand at home and abroad.

In South-east Asia, rice traders are waiting for the results of the rice harvest in another major producing country in the region—Vietnam.

               Note that the cause of the shortages appears to be blamed on 
               "natural disasters or adverse weather." At the bottom of the article
               it states that rice traders will look at the results of the rice harvest 
               in Vietnam ...which appears to be suffering from a major cold snap 
               as of late.

               "In the United States, wheat futures in Kansas City, Chicago and
               Minneapolis have surged to record highs on forecasts of tighter
               supplies and continued strong demand at home and abroad."

http://www.independent-bangladesh.com/200802212190/business/worldwide-shortage-of-rice-shoots-prices-soaring.html
Thanks to Kenneth Lund for this link

 

 



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