[ExI] rice price
sjatkins at mac.com
Sun Apr 13 04:17:10 UTC 2008
> Damien wrote:
>> LONDON and BANGKOK -- Rice prices jumped 30 per cent to an all-time
>> high on Thursday, raising fears of fresh outbreaks of social unrest
>> across Asia where the grain is a staple food for more than 2.5bn people.
>> The increase came after Egypt, a leading exporter, imposed a formal
>> ban on selling rice abroad to keep local prices down, and the
>> Philippines announced plans for a major purchase of the grain in the
>> international market to boost supplies. Global rice stocks are at
>> their lowest since 1976.
> It seems there are riots around the world because of rising
> prices. An Egyptian daily newspaper reports that 12,000
> people have been arrested for selling flour on
> the black market. Rice prices, meanwhile, rocketed
> from just over $200 per ton last October to $430
> at the end of March. The government responded on April 1
> by suspending rice exports for six months.
All the "softs" are pretty much doing the same thing. Wheat is out of
sight. Oil/energy cost in the food production cycle are a large part of
it. In the case of corn the idiotic push by the US government to make
it a source of fuel did not help. A lot of extra planting of corn
occurred that in some cases resulted in less of other crops. Real
inflation of the money supply and loosening of critical interest rates
play a large role.
This is a pretty scary development although not entirely unexpected.
Check your grocery bills and if you are diligent compare them to what
you paid a year ago. It is not just an effect elsewhere.
More information about the extropy-chat