Rice Prices Going Through Roof Worldwide

China Stops Exporting Rice; Weak Dollar Blamed.
Hold on to your... kiddies this don't look good


Cost Nearly Doubles Since February; Industry Experts:
 Part Of Problem Is China Ceasing Exports Due To Weak Dollar

 There's growing concern about a rice shortage.
 A recent rise in processing costs and increased demand have led to
a shortage across the world.

Some have tried to stockpile, but there are growing fears
some people could have difficulty feeding their families.

Bulk bags of food have been flying off shelves.

"A 50-pound bag of Jasmine rice … this has been the hot seller
 right now," Costco manager Stephanie Gordon said.

With rice a staple in the diet of many families,
there's concern that stores will run out.

"At this time we're not going to engage in any limiting or whatever,
but it's always a possibility," said Costco vice president John Eagan.

Those who do get their hands on a bag of rice
may be dealing with sticker shock.

The price of a bag has nearly doubled in recent months.
 In February the cost was $9. Now it's up to $16.
Industry analysts say the shortage can be attributed to a change
 in Chinese trade policy. The Chinese were once a main exporter
 of rice, but they stopped exporting when the American dollar
 got too weak for them to make a profit.

"This is a significant problem, not just here but especially in parts
of the world where people are living on less than a dollar a day,"
 said Scott Faber of the Grocery Manufacturer's Association.

And skyrocketing production costs aren't limited to rice growers
these days. Since last year, flour has gone up 13 percent, milk 10 percent
and eggs a staggering 30 percent.

"I remember when they used to be five for a dollar, I don't even know
 what they are any more, but I know they're not five for a dollar anymore,"
 one shopper said.

Some experts blame the spike in grocery prices on the government
 fostering alternative uses for corn – a big part of the livestock diet.

"The biggest factor that Congress has under its control is the decision
to make so much of our food into fuel and at a time when our food
 prices are rising so much it doesn't make much sense to do that,"
 Faber said.

Due to the shortage, the Sam's Club warehouse store has limited
its sales of Jasmine, Basmati and long grain rice. Costco has put
a similar restriction on bulk sales of rice and flour.


Oil yesterday $124 bl...  Will Farmers here not be able to plant
as much this year because they can not afford the double?? fuel costs
and seed costs this year?? Just ask SaikotikGunman

Rice for the most actively traded July contracted jumped 62 cents
to $24.820 per 100 pounds on the Chicago Board of Trade,
after earlier rising to a record $24.85.

Relentless demand from developing countries and poor crop yields
 have pushed rice prices up 70% so far this year, raising concerns
of severe shortages of the staple food consumed by almost
 half the world's population.

On Tuesday, Costco Wholesale,  said it has seen increased demand
for items like rice and flour as customers, worried about global food
 shortages and rising prices, stock up.

Food prices are a problem all over the world. An increasing number
of countries have imposed curbs on food exports in a bid to secure
 supplies and limit inflation. Here is a list of some:

    * ARGENTINA — The world's fourth-largest wheat exporter
has effectively extended the closure of its wheat export registry by
pushing back the date that new shipments can start to leave the country.

    * CAMBODIA — Cambodia announced a two-month ban on rice exports.

    * EGYPT — The government is banning rice exports until October.

    * GUINEA — Guinea banned the export and re-export of agricultural,
 forestry, livestock, fishing and oil products.

    * INDIA — India scrapped import duties on crude edible oils and
 banned exports of non-basmati rice amid a raft of measures.

    * INDONESIA — Southeast Asia's largest rice consumer,
will curb medium-grade rice exports.

    * KAZAKHSTAN — Kazakhstan suspended wheat
exports until Sept. 1.

    * MALAWI — Malawi banned maize exports to
 all countries, except Zimbabwe.

    * PAKISTAN — Pakistan could double its wheat imports
this year and may slap a tax on rice exports.

    * RUSSIA — The government has approved extending
prohibitive export tariffs on wheat and barley due to expire on May 1.

    * UKRAINE — Ukraine suspended wheat shipments in the first
week of April and reduced barley exports through its Black Sea ports
 to 8,400 tons from 25,620 in the same period in March.
 It is also considering extending sunflower oil export quotas to
Sept. 1 from July 1 and an increase in the volume to 500,000 tons
 from 300,000 tons.

    * VIETNAM — Vietnam has extended a ban on rice sales until June.