Rice prices going up 30% on limiting exports

[electric-amish]

Egypt and other countries are limiting exports of rice to keep the price down in their countries and are driving up prices internationally.

Its not just Wheat now Rice.

E-A

Jump in rice price fuels fears of unrest

By Javier Blas in London and Daniel Ten Kate in Bangkok
Published: March 27 2008 18:30 | Last updated: March 27 2008 18:30

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.
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While prices of wheat, corn and other agricultural commodities have surged since late 2006, the increase in rice prices only started in January.
The Egyptian export ban formalises a previously poorly enforced curb and follows similar restrictions imposed by Vietnam and India, the world’s second- and third-largest exporters. Cambodia, a small seller, also on Thursday announced an export ban.
These foreign sales restrictions have removed about a third of the rice traded in the international market.
“I have no idea how importing countries will get rice,” said Chookiat Ophaswongse, president of the Thai Rice Exporters Association. He forecast that prices would rise further.
The Philippines, the world’s largest buyer of the grain, said on Thursday it wanted to purchase 500,000 tonnes after it failed to buy a similar amount earlier this month. It is struggling to import 1.8m-2.1m tonnes to cover a production shortfall and on Thursday confirmed it would tap emergency stocks maintained by Vietnam and Thailand.
Rice is also a staple in Africa, particularly for small countries such as Cameroon, Burkina Faso and Senegal that have already suffered social unrest because of high food prices.
Thai rice, a global benchmark, was quoted on Thursday at $760 a tonne, up about 30 per cent from the previous daily quote of about $580 a tonne, according to Reuters data. Some traders, however, said the daily jump was not as steep, adding that Thai rice had already traded at about $700 a tonne this week.
Rice prices have doubled since January, when the grain traded at about $380 a tonne, boosted by strong Asian, Middle Eastern and African demand.
Additional reporting by Roel Landingin in Manila

[fasTTcar]

Originally Posted by electric-amish

Thai rice, a global benchmark, was quoted on Thursday at $760 a tonne, up about 30 per cent from the previous daily quote of about $580 a tonne, according to Reuters data.

Big move in a day.

[mike77777]

get used to moves like this in all commodities, one pipeline in iraq blows up, 4.00/bbl oil spike. all available cropland is utilized now, all crop is consumed each year, any crop failure or supply disruption will result in a move like this, sometimes in a matter of hours.

[macrohard]

Hmm, I read that "experts" are predicting a record wheat harvest in Australia this year.

http://www.businessday.com.au/record...0325-21ig.html

Just a prediction. Hopefully it'll buy some time.

[graspAU]

Next paycheck, need more rice. Maybe another 50lbs.

I saw on CNBC today that groceries as a whole are up 8% so far this year, so the annualized rate would be 32%. Joe Six Pack is going to be pissed by the end of this year. Buy items that store well now to hedge. Of course everyone here knows that.

[J.D.Rockinfeller]

Originally Posted by scottp999

Next paycheck, need more rice. Maybe another 50lbs.

I saw on CNBC today that groceries as a whole are up 8% so far this year, so the annualized rate would be 32%. Joe Six Pack is going to be pissed by the end of this year. Buy items that store well now to hedge. Of course everyone here knows that.

I went to a sams club last month..EMPTY.....just a few ripped sacks of flour here and there...i went there specifically to get more rice....oh well ill keep on stocking up. Dont forget the hispanic stores, they sell beans and rice in bulk, but i hate to patronize those people.

[Twisted Avatar]

Originally Posted by J.D.Rockinfeller

I went to a sams club last month..EMPTY.....just a few ripped sacks of flour here and there...i went there specifically to get more rice....oh well ill keep on stocking up. Dont forget the hispanic stores, they sell beans and rice in bulk, but i hate to patronize those people.

You can forget about not patronizing anything. We are in a race against time before the masses wise up to what is happening..... if I had to I would by rice at BIGOTS-R-US if I knew they had it.


The price of rice will be FOOD RIOT HIGH early next year.



Load up where you can as fast as you can..... speed will be everything going forward.


T

[GreenSpirit]

Originally Posted by J.D.Rockinfeller

I went to a sams club last month..EMPTY.....just a few ripped sacks of flour here and there...i went there specifically to get more rice....oh well ill keep on stocking up. Dont forget the hispanic stores, they sell beans and rice in bulk, but i hate to patronize those people.

I hope you can find someone with a sufficiently White heritage to sell you your bargain rice.

I say that because, deep down, I like you Agora folk and I want you to have all necessary rice

[graspAU]

How much longer than the best buy date will rice last if you vacuum seal it with something like a food saver?

[Highbanker]

rice will last for years and years if stored properly....

[Goldeneye]

Originally Posted by Highbanker

rice will last for years and years if stored properly....

OK ~ H'mmm 'years and year's ' could we define 'years and years' and for a dummy like could you also define what is 'stored properly'

[InfantryNCO]

Originally Posted by Highbanker

rice will last for years and years if stored properly....

Quoted for truth. Many years. I vacuum seal mine in mylar w/ a couple 500cc 02 absorbers after first freezing it for a week (to kill the critters and their eggs) and then into a bucket it goes.

[Eastex]

Yesterday AM, bought the last 20# bag of rice at our wally world. Price last winter was $7.18, but this bag cost me $9.66.

[graspAU]

Originally Posted by Eastex

Yesterday AM, bought the last 20# bag of rice at our wally world. Price last winter was $7.18, but this bag cost me $9.66.

Thanks for the price update. I saw 50lb bags at sam's in the $15 area. I went there last week and there were stacks of 50lb, 25lb, and 12lb bags. Going to stop by today and try to grab 50 or 100lbs.

So stored properly involves freezing for a bit and then vacuum sealing? Sounds good.

I imagine if food prices continue to go up at this rate that people will be fighting for the less expensive stuff like rice and pasta by the end of the year.

[TechGuy]

Rice, wheat and several other staple foods can last more than 30 years if prepared properly.

Extra long term storage should be the bulk of your food supply. You dont really have to rotate it, just store it in a dry cool place and you are good to go.

[RiverRat]

:rolleyes_m: Ten pound bags of brown or white rice at some of the Mom and Pop Hispanic and Oriental specialty stores locally...selling for $2.50 as of yesterday.
Cheaper than Sam's Club or Costco.

I picked up 100 lbs yesterday along with 50 lbs of assorted dried beans.
You should see the weird looks on their faces when I checked out.

The news hasn't hit them yet...but it will.
I expect prices to double within two weeks...so stock up on rice now.

Spam was on sale few weeks back at China Mart and I asked the grocery manager for 6 unopened cases,I didn't want to empty the shelves.

He told me to empty the shelves ( I got 32 cans ) ...that's all they had in the store...no reserve stock at all.This is one of the newer flagship superstores...go figure.
That's scary...just on time delivery will be the undoing of J6P who keeps three days worth of groceries in his/her pantry.
If a severe food panic hit America I'm guessing the shelves will be bare in about four hours...not 3 days.

[TechGuy]

Originally Posted by RiverRat

That's scary...just on time delivery will be the undoing of J6P who keeps three days worth of groceries in his/her pantry.
If a severe food panic hit America I'm guessing the shelves will be bare in about four hours...not 3 days.

I hear you. My wife and I have been seriously considering installing a very small ac unit in one of our unused bedrooms (we dont keep the ac on upstairs), setting the temp to 70, and installing industrial shelving for supplies.

[J.D.Rockinfeller]

[quote=RiverRat;1034382]:rolleyes_m: Ten pound bags of brown or white rice at some of the Mom and Pop Hispanic and Oriental specialty stores locally...selling for $2.50 as of yesterday.
Cheaper than Sam's Club or Costco.

I picked up 100 lbs yesterday along with 50 lbs of assorted dried beans.
You should see the weird looks on their faces when I checked out. Those looks will change to "can you spare some? preety soon:D

The news hasn't hit them yet...but it will.
I expect prices to double within two weeks...so stock up on rice now. YYup.

Spam was on sale few weeks back at China Mart and I asked the grocery manager for 6 unopened cases,I didn't want to empty the shelves. Smart & discreet

He told me to empty the shelves ( I got 32 cans ) ...that's all they had in the store...no reserve stock at all.This is one of the newer flagship superstores...go figure.
That's scary...just on time delivery will be the undoing of J6P who keeps three days worth of groceries in his/her pantry.
If a severe food panic hit America I'm guessing the shelves will be bare in about four hours...not 3 days. Fun to be in the parking lot with a pickup bed full for sale at REAL mkt prices:D

[Unclad Lad]

BIGOTS-R-US

Well, you'd expect them to have White rice, huh?

I'm in California, which is an exporter of rice, so I haven't seen it yet.

[Ash_Williams]

I read about India banning export of rice and headed over to the local indian grocer. Picked up a 50lb bag of his best basmati. About $50. He said the price was going up when the next shipment comes in, by probably $20 or more. And that's without him having heard the news about the rice exports being banned.

So, what is the best way to store this stuff? Do I put the bag in a giant bucket in the basement or something?

[silverblood]

The Walton Feed web site is poorly designed, but if you poke around long enough you will eventually stumble on their page that lists food storage life.

http://waltonfeed.com/grain/life.html

Brown rice is nutritionally better for you but cannot be stored for long. About six months. White rice, properly sealed with oxygen absorbers can last for 8 to 10 years.

I just bought 150 lbs of white Jasmine rice from Thailand. It's my favorite rice. The clerk at Costco called her manager over when she rung it up, he came and wrote something in a notebook, said "ok" and walked away. I have no idea what that was about. I'm sure their inventory is automatic based on the bar code scans.

I plan to pick up about 100 lb of converted rice too, but Costco didn't have it. I know that Sam's does (Uncle Ben's). Converted rice retains more nutrients than regular white rice.

As for ethnic stores, I shop in the Latino/Mexican and oriental stores all the time. They have much lower prices than the regular grocery stores for bulk and dried items. I just bought 5 pounds (a huge bag) of super-premium dried shiitake mushrooms from China at the oriental store for $29.95. If you price high-quality dried shiitake mushrooms on the internet, you'll know what a deal that is.

[Goldeneye]

Originally Posted by silverblood

I just bought 150 lbs of white Jasmine rice from Thailand. It's my favorite rice. The clerk at Costco called her manager over when she rung it up, he came and wrote something in a notebook, said "ok" and walked away. I have no idea what that was about. I'm sure their inventory is automatic based on the bar code scans. .

Just a thought I've had mulling over in my head for the past few days, I always use a store card to take advantage of savings and build up points when I shop in. As I was loading up on 20Lbs of rice, I thought they have a record of this on their system .. 20Lbs this week, 20Lb a couple of weeks ago etc etc.. If things got rough, TPTB could conviscate store records and view shoppers habits to see who is potenially building up a stockpile...

So, I've decided that not only will I start saying ' no I don't have a card' I will use cash when paying for my groceries.. The other thing I could do, in order to take advantage of any ' Price specials' is to say I forgot my card and ask the customer behind me if I could use their card, I get the savings they get the points.. Win Win ..

[Silverbach]

GreenSpirit said:

I hope you can find someone with a sufficiently White heritage to sell you your bargain rice.
I say that because, deep down, I like you Agora folk and I want you to have all necessary rice

All the rice in the world are white rice, there is no black rice. What more can you ask for?

There is a saying in China, "the same kind of rice feeds a whole variety of different types of people", 一样米养百样人。

It's actually a cursing of someone undeserving to be feed the same rice that good people feed on.

[silverblood]

Originally Posted by Goldeneye

Just a thought I've had mulling over in my head for the past few days, I always use a store card to take advantage of savings and build up points when I shop in. As I was loading up on 20Lbs of rice, I thought they have a record of this on their system .. 20Lbs this week, 20Lb a couple of weeks ago etc etc.. If things got rough, TPTB could conviscate store records and view shoppers habits to see who is potenially building up a stockpile...

So, I've decided that not only will I start saying ' no I don't have a card' I will use cash when paying for my groceries.. The other thing I could do, in order to take advantage of any ' Price specials' is to say I forgot my card and ask the customer behind me if I could use their card, I get the savings they get the points.. Win Win ..

Good thought. Stores like Costco and Sam's Club require a membership. I know they store receipt information for some period of time because when I've taken something back, even without my receipt, they just look it up on the computer.

Grocery store reward cards work the same way, and at least some major grocery chains turned over buyer information to the government after 911.

Of course, I could be buying food to donate to the local food shelter. Sort of in the same vein as losing PMs in boating accidents, ya know.

Maybe it's a good time to start paying cash like you say, and not using reward cards or shopping for major supplies at Sam's, Costco.

[RiverRat]

:rolleyes_m: Posted by silverblood:

Of course, I could be buying food to donate to the local food shelter. Sort of in the same vein as losing PMs in boating accidents, ya know.

That's true...also,we have a huge food bank at church for needy families and emergencies.Lot's of legitimate reasons to buy food in large quantities.

The sad part is they are tracking everything bought with plastic or checks.
One reason I like the ethnic Mom and Pop stores.
All cash...

:D

[thrifty_bob]

Originally Posted by silverblood

The Walton Feed web site is poorly designed, but if you poke around long enough you will eventually stumble on their page that lists food storage life.

http://waltonfeed.com/grain/life.html

Brown rice is nutritionally better for you but cannot be stored for long. About six months. White rice, properly sealed with oxygen absorbers can last for 8 to 10 years.

I just bought 150 lbs of white Jasmine rice from Thailand. It's my favorite rice. The clerk at Costco called her manager over when she rung it up, he came and wrote something in a notebook, said "ok" and walked away. I have no idea what that was about. I'm sure their inventory is automatic based on the bar code scans.

I plan to pick up about 100 lb of converted rice too, but Costco didn't have it. I know that Sam's does (Uncle Ben's). Converted rice retains more nutrients than regular white rice.

As for ethnic stores, I shop in the Latino/Mexican and oriental stores all the time. They have much lower prices than the regular grocery stores for bulk and dried items. I just bought 5 pounds (a huge bag) of super-premium dried shiitake mushrooms from China at the oriental store for $29.95. If you price high-quality dried shiitake mushrooms on the internet, you'll know what a deal that is.

My kids like the Jasmine rice, too. It was on sale last week at one place for $12.99/25 lbs (52/lb), and that was the best price I've seen in a while, so I bought some. There is a place the 25 lb bags are $11.99 (48/lb) this week. What did it cost at Costco? People tell me they have great prices, but I hate to have to pay annual dues.

I wish my kids would eat the Riceland rice. It tastes just fine to me, and only costs $7.99 for 20 lbs (40/lb) around here.

Good idea to check the ethnic stores for dried items, too...

[elroy]

Everyone had better stock up on cooking oil also.

Last night we were at Krogers and Wesson Canola oil in 48oz bottles was $7.50 each.

Fortunately they had Crisco brand canola oil on sale for 50% off so we bought 7 bottles. I believe this is a harbinger of things to come.

[silverblood]

Originally Posted by thrifty_bob

My kids like the Jasmine rice, too. It was on sale last week at one place for $12.99/25 lbs (52/lb), and that was the best price I've seen in a while, so I bought some. There is a place the 25 lb bags are $11.99 (48/lb) this week. What did it cost at Costco? People tell me they have great prices, but I hate to have to pay annual dues.

I wish my kids would eat the Riceland rice. It tastes just fine to me, and only costs $7.99 for 20 lbs (40/lb) around here.

Good idea to check the ethnic stores for dried items, too...

$20.99 for a 50 lb sack. About 42 cents a pound. But I'd expect that to go up soon.

[WAoG]

Originally Posted by J.D.Rockinfeller

I went to a sams club last month..EMPTY.....just a few ripped sacks of flour here and there...i went there specifically to get more rice....oh well ill keep on stocking up. Dont forget the hispanic stores, they sell beans and rice in bulk, but i hate to patronize those people.

Sams rice as far as I know comes from the south and is grown in old cotton fields that are full of poison.

I just researched the brand name at the local Sams club. It is if I remember right an Arkansas company.

Arsnic was used in the cotton fields and studies I believe in Europe show the rice to be high in arsenic.

You need to buy rice from California or Canada. Its Not grown in cotton fields and the rice is much better they say.

I normally just buy organic brown rice but been thinking of loading up on the white and was told years ago about this arsenic problem so I decided to look into Sams rice before buying

[thrifty_bob]

Originally Posted by silverblood

$20.99 for a 50 lb sack. About 42 cents a pound. But I'd expect that to go up soon.

Good price. I paid $11.99 for 25 lb bags today.

I tried a couple ethnic cheapy stores for beans, but they were a lot higher than what I've been paying.