what happend to the price of rice?
- Thread starter vital
- Start date
Supply/demand.
Just like wheat, alot of the worlds rice crops were hit hard this past year. This translates into higher prices.
Just like wheat, alot of the worlds rice crops were hit hard this past year. This translates into higher prices.
ponyo
Lifer
- Feb 14, 2002
- 19,688
- 2,811
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Originally posted by: vital
It nearly doubled for a bag of rice at the grocery store... First gasoline and now rice...
Price of agriculture commodities are soaring. It's not just rice. Wheat, soybean, corn, sugar, etc. Pretty much everything. The same 50lb bag of flour I bought for less than $10 couple years is now almost $40. Bakery shops have to be hurting.
Rice prices in Asia are soaring and spreading to the US. My wife bought six 40lb bags of rice last weekend to stock up before the price hike.
BoomerD
No Lifer
- Feb 26, 2006
- 65,907
- 14,309
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The ethanol craze is hitting food crop prices in all categories. Many crops are being taken out of production so the farmer can grow corn for the local ethanol plants. This is driving corn, wheat, (apparently now rice) as well as beef, pork, and chicken prices higher. Add to that the cost of the fuel used, from planting all the way to the stores, and you get much higher prices at the check-out.
In my environmental conservation class, the instructor (who is an ag instructor and farmer) says to watch for the price of bread to hit $5.00 before the end of the summer. He tracks crop prices across the board for his various ag classes and says the trend is there for it.
However, he must be a fan of Dave, because he says we're gonna see $5.00 gasoline before the summer is over too.
In my environmental conservation class, the instructor (who is an ag instructor and farmer) says to watch for the price of bread to hit $5.00 before the end of the summer. He tracks crop prices across the board for his various ag classes and says the trend is there for it.
However, he must be a fan of Dave, because he says we're gonna see $5.00 gasoline before the summer is over too.
NikolaeVarius
Lifer
- Oct 25, 2006
- 11,036
- 11
- 91
Haha.. Price of rice.. it rhymes...
Yeah, but I noticed this too. Costs so damn much for rice these days. But at the very least, those bags give me a workout
Yeah, but I noticed this too. Costs so damn much for rice these days. But at the very least, those bags give me a workout
- Aug 23, 2003
- 25,375
- 142
- 116
Farmers are taking the oil company approach to profits.
I kid you not. Demand for corn is going up in 2008, but US farmers will be planting less of it than last year. Why? It keeps prices inflated so they can generate more profit per acre.
Sounds familiar, eh? We have record inventories of oil worldwide, but gas prices have climbed because we have less refineries in operation now than we used to. Oil companies can keep prices high if they refine oil at a pace where demand outstrips supply.
I kid you not. Demand for corn is going up in 2008, but US farmers will be planting less of it than last year. Why? It keeps prices inflated so they can generate more profit per acre.
Sounds familiar, eh? We have record inventories of oil worldwide, but gas prices have climbed because we have less refineries in operation now than we used to. Oil companies can keep prices high if they refine oil at a pace where demand outstrips supply.
Originally posted by: BoomerD
The ethanol craze is hitting food crop prices in all categories. Many crops are being taken out of production so the farmer can grow corn for the local ethanol plants. This is driving corn, wheat, (apparently now rice) as well as beef, pork, and chicken prices higher. Add to that the cost of the fuel used, from planting all the way to the stores, and you get much higher prices at the check-out.
In my environmental conservation class, the instructor (who is an ag instructor and farmer) says to watch for the price of bread to hit $5.00 before the end of the summer. He tracks crop prices across the board for his various ag classes and says the trend is there for it.
However, he must be a fan of Dave, because he says we're gonna see $5.00 gasoline before the summer is over too.
Data doesnt really jive with the ethonal theory.
Wheat crops around the world were ravaged by bad weather last season. Other than that production(the amount planted) was holding steady. Wheat production hasnt grown because the price of wheat has made it hard to make money until it shot up over the past year or so. Wheat prices will go down as more producers produce wheat during the next season.
Rice, apparently had a record yeild last year. Futhermore, rice doesnt generally grow to well in the areas corn grows in and vice versa. You cannot just switch from growing rice to growing corn, it doesnt work that way. Demand for rice is out stripping supply. Outlooks show prices for rice declining in the second half of the year.
Ricemarine
Lifer
- Sep 10, 2004
- 10,507
- 0
- 0
Apparently a bunch of families stocked up on jasmine rice here too... OOS.
So now my family is going to go back and take 5 bags :laugh:
Theres 7-8% less being planted this year. Correct. However, projections still have a surplus of 600million bushels.
You seem to be taking a pot shot at farmers.
One bad year can wipe out a several good years.
I know a farmer who just now finished paying off his debt from a disaterious 2003. Farming booms and busts in cycles. Farming boomed in the late 1970s. Busted in the 1980s. Boomed for a short time in the early 1990s, busted by the end of the decade.
Then you have mother nature. 2003 was a bad year for most farmers due to mother nature. Other than mother nature, the 2000s have been stagnent until now.
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