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Rice prices soar as scarcity fears reach US Rice prices in Thailand, the world's top
exporter, surged to US$1,000 (HK$7,800) a tonne yesterday as concerns
about food security first triggered by a handful of Asian export bans
spread as far as the United States.
This week's 5 percent jump takes prices to nearly three times their
level at the start of the year, intensifying fears of social unrest in
Asia as millions of the region's poor find themselves struggling to pay
for staple goods.
The surging price of fuel and food, which some analysts attribute to
panic buying by both consumers and governments rather than a dire shortage
of supply, has so far sparked riots in Africa and Haiti, but not Asia.
Having started with India's imposition of export curbs to protect
domestic supplies last year, Brazil became the latest country on Wednesday
to suspend rice exports. The crisis was also felt in the United States
this week.
Sam's Club, a unit of retail giant Wal-Mart, said on Wednesday it was
capping sales of nine-kilogram bulk bags of rice at four bags per customer
per visit to prevent hoarding.
The previous day, rival Costco Wholesale said it had seen increased
demand for items such as rice and flour as customers, worried about global
food shortages, stocked up.
"Everywhere you see, there is some story about food shortages and
hoarding and tightness of supplies," said Neauman Coleman, an analyst
and rice broker in Brinkley, Arkansas.
In Bangkok, some traders said Thai 100-percent B grade white rice, the
world's benchmark, could hit US$1,300 a tonne due to unstated demand from
number one importer the Philippines, which fell well short of filling a
500,000 tonne tender last week.
Manila said yesterday it had raised the size of another tender on May 5
to 675,000 tonnes from 500,000 tonnes.
There is also a big question mark over Iran and Indonesia, two
countries that normally buy as much as one million tonnes of Thai rice
each year but which have bought nothing this year.
Indonesia's trade minister said yesterday her country can meet domestic
demand for rice this year, thanks to a bumper rice harvest, exports curbs
and subsidies. 2008-04-26 |
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