|Re: Rice Jumps to Record on Concern World Demand to Outpace Supply
Group: soc.retirement · Group Profile
Author: JC Date: Apr 3, 2008 23:24
"Vanden" go.com> wrote in message news:firstname.lastname@example.org...
> April 3 (Bloomberg) -- Rice climbed to a record on speculation the 3
> percent annual increase in global demand for cereals will outstrip supply
> as governments curb exports to prevent protests.
> Rice, the staple food for about 3 billion people, rose as much as 2.8
> percent in Chicago and has doubled in the past year. Demand has increased
> on rising imports by the Philippines, the biggest buyer, and as global
> food supplies lag behind demand growth fueled by China and India.
> ``A lot of what we're seeing at the moment is not related to production,
> but the fact that a number of countries are implementing trade
> restrictions,'' said Darren Cooper, a senior economist at the
> International Grains Council in London.
> China, India and Vietnam have cut rice exports, and Indonesia has reduced
> import tariffs to protect food supplies and cool inflation. Rice in
> Chicago climbed 42 percent in the first quarter, more than all of last
> year's 33 percent gain. Record grain prices contributed to strikes in
> Argentina, riots in Ivory Coast and a crackdown on illicit exports in
Awwwwright!!!! Finally, we're getting to what we raise!!!
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