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Wal-Mart's Sam's Club limiting rice purchases

HeXploiT

HeXploiT

Diamond Member
NEW YORK, April 23 (Reuters) - Wal-Mart Stores Inc's (WMT.N: Quote, Profile, Research) Sam's Club warehouse division said on Wednesday it is limiting sales of Jasmine, Basmati and long grain white rice "due to recent supply and demand trends."

The news came as rice prices surged, with U.S. rice futures hitting an all-time high Wednesday on worries about supply shortages.

On Tuesday, Costco Wholesale Corp (COST.O: Quote, Profile, Research), the largest U.S. warehouse club operator, said it has seen increased demand for items like rice and flour as customers, worried about global food shortages and rising prices, stock up.

Sam's Club, the No. 2 U.S. warehouse club operator, is limiting sales of rice to four bags per customer per visit, and is working with suppliers to ensure the products remain in stock.

Warehouse clubs cater to individual shoppers as well as small businesses and restaurant owners looking to buy cheaper, bulk-sized goods.

With prices for basic food items surging, customers have been going to the clubs to try to save money on bulk sizes of everything from pasta to cooking oil and rice.

Sam's Club said is not limiting sales of flour or cooking oil at this time. Costco said some of its stores have put limits on sales of items such as rice and flour, but it was trying to modify those restrictions to meet customer demand.

Costco Chief Executive James Sinegal told Reuters that he believed the recent surge in demand was being driven by media reports about rising global demand and shortages of basic food items in some countries.

Food costs have soared worldwide, spurred by increased demand in emerging markets like China and India; competition with biofuels; high oil prices and market speculation.

The situation has sparked food riots in several African countries, Indonesia, and Haiti. United Nations Secretary-General Ban Ki-moon has warned that higher food prices could hurt global growth and security.

Rice prices have risen 68 percent since the start of 2008.

Trade bans on rice have been put in place by India, the world's second largest exporter in 2007, and Vietnam, the third biggest, in hopes of cooling domestic prices. Rice is a staple in most of Asia.

On Tuesday, Tim Johnson, president-CEO of California Rice Commission, which represents growers and millers of rice in the state, said: "Bottom line, there is no rice shortage in the United States. We have supplies." (Reporting by Nicole Maestri, editing by John Wallace/Jeffrey Benkoe)
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Source: Reuters

Also according to a WSJ article it might be time to start stockpiling food.


From nbc - Bay Area Shoppers Asked To Limit Rice Purchases

From TimesOnline - Era of cheap food ends as prices surge

From the Washington Times Americans hoard food as industry seeks regs

It will be interesting to see how long Americans will deny inflation and food shortages. I anticipate the pace of these headlines to grow quickly.
For the record Ron Paul has stated he believes a depression is coming within the next three years and that it will, to an extent, be global.
 
Originally posted by: Dari
Add your own insightful comment.

With that said, I'm surprised that this is happening in America.
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considering we don't grow the rice here im not shocked. ohh and think t his is a repost.
 
Originally posted by: waggy
Originally posted by: Dari
Add your own insightful comment.

With that said, I'm surprised that this is happening in America.
Click to expand...

considering we don't grow the rice here im not shocked. ohh and think t his is a repost.
Click to expand...

No it's not a repost although one of my articles may have been posted previously some of these are new.
 
Originally posted by: waggy
Originally posted by: Dari
Add your own insightful comment.

With that said, I'm surprised that this is happening in America.
Click to expand...

considering we don't grow the rice here im not shocked. ohh and think t his is a repost.
Click to expand...

what you mean we don't grow rice here?
 
Great, instead of just letting it run out, they can help the hysteria. When I read sh*t like this, I wonder what others will do and feel half inclined to leave work, hit up the grocer, and buy 6 months of cooking oil, salt, sugar, oatmeal, and canned vegetables.
 
Originally posted by: maddogchen
Originally posted by: waggy
Originally posted by: Dari
Add your own insightful comment.

With that said, I'm surprised that this is happening in America.
Click to expand...

considering we don't grow the rice here im not shocked. ohh and think t his is a repost.
Click to expand...

what you mean we don't grow rice here?
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that we import far more then we use? that other countries halting exports is what is hurting?

 
Originally posted by: waggy
Originally posted by: maddogchen
Originally posted by: waggy
Originally posted by: Dari
Add your own insightful comment.

With that said, I'm surprised that this is happening in America.
Click to expand...

considering we don't grow the rice here im not shocked. ohh and think t his is a repost.
Click to expand...

what you mean we don't grow rice here?
Click to expand...

that we import far more then we use? that other countries halting exports is what is hurting?
Click to expand...

if we import far more than we use then we have a surplus. And if other countries halt exports then our surplus grows smaller.

But you're overlooking the fact that the US makes more rice than we use and we export a lot of rice too. So how come rice prices are jumping so high here in the US if we use less rice than we both import and make??
 
Originally posted by: maddogchen
Originally posted by: waggy
Originally posted by: maddogchen
Originally posted by: waggy
Originally posted by: Dari
Add your own insightful comment.

With that said, I'm surprised that this is happening in America.
Click to expand...

considering we don't grow the rice here im not shocked. ohh and think t his is a repost.
Click to expand...

what you mean we don't grow rice here?
Click to expand...

that we import far more then we use? that other countries halting exports is what is hurting?
Click to expand...

if we import far more than we use then we have a surplus. And if other countries halt exports then our surplus grows smaller.

But you're overlooking the fact that the US makes more rice than we use and we export a lot of rice too. So how come rice prices are jumping so high here in the US if we use less rice than we both import and make??
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You're making the false presumption that rice produced in the U.S. is sold in the U.S.
 
I live not too far from Kahleeforneeya's rice belt...they grow a LOT of rice north of Sacramento.

http://www.calrice.org/c4_production.htm
"The California rice industry annually produces nearly 2 million tons of rice making it the second largest rice growing state in the nation behind Arkansas. Our ideal climate, ample water supply and innovative farming techniques result in some of the highest rice yields in the word, while at the same time providing rice of the highest quality.

Most rice grown in California is consumed domestically as table rice, in restaurants or as any number of food products. An average of 60 percent of the annual rice crop goes on America's dinner table, into sushi restaurants, made into beer, rice mixes and even pet food.

Exports markets are also a key destination for California rice. Countries such as Japan, Korea, Taiwan and Turkey account for 40 percentof annual production. "


I was at Costco Monday evening, and they're now limiting rice to three bags per customer too.
 
Canada is i think the only industrialized nation with a net export of oil and yet its gas has gone up in recent years just as in the US, though not quite as severely. I'm sure the same reason would explain rice, if the US produces a lot of it.
 
Assuming bio desial crops don't take much land away from food crops then the combined prairies of Canada and the USA will have no trouble feeding all of NA and have plenty to spare.

Assuming a global food shortage hits, we won't have much exotic foods but we'll have more then enough basics.

IMHO to cause a food shortage of any meaning will take a double whammy of a wide spread natural disaster and too much of the same type of crop (like one type of wheat and no others) which is hit by disease which devastates that entire crop. Anything short of this will just mean one or 2 types of foods will be expensive.

On good growing seasons here in Canada, we BURN stuff like wheat because we just can't sell it all (i assume the excess is donated until the charities can't afford to ship any more).
 
We're going to be starving this time next year.... if not sooner!!

In our race to acheive 3rd world status for our country expect the prices of food to continue to raise along with energy as the dollar continues to weaken.

The bright side is we got rid of that bad man Saddam (just don't think about OBL) and Iraq will be a democracy whether they like it or not!! 😛
 
Originally posted by: Deleted member 4644
I am seriously considering buying a firearm.
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heh amusingly I was going to do the same this Summer for recreational purposes. But I hearing about these shortages of basic food stuffs. I am wondering how long it will before the world erupts into war over the basic necessities of life. At that point it becomes an all for one mentality. And well, the ones with guns can at least defend themselves. Might need it for defense.

I know it is hyperbole but who the hell really knows anymore.
 
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