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what happend to the price of rice?

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$1.69 for a 2-pound bag of long-grain brown rice at Stop & Shop yesterday...no complaints here...
 
Originally posted by: IcebergSlim
is inflation really that new to all of you?

Don't worry you can buy a ton of rice with your tax rebate next month.
Click to expand...

Prices doubling in a 2-week span != normal inflation.
 
Here's why

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.

On Friday the Indian government imposed further restrictions on the exports of rice to combat rising local inflation, with traders warning that the new regime would de facto stop all India?s non-basmati rice sales.

The measures include raising the minimum price for selling abroad non-basmati rice by 53 per cent to $1,000 a tonne. Exports of premium basmati rice are likely to continue, although volumes could also suffer as the government also increased the minimum export price and scrapped export tax incentives.

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.
Click to expand...
 
Originally posted by: rivan
Originally posted by: IcebergSlim
is inflation really that new to all of you?

Don't worry you can buy a ton of rice with your tax rebate next month.
Click to expand...

Prices doubling in a 2-week span != normal inflation.
Click to expand...

its relative. If it was 50$ /lb and doubled to $100/lb that would be spectacular but something that was $1.50 /lb going up to $3.00 /lb not that outrageous.
 
Originally posted by: IcebergSlim
Originally posted by: rivan
Originally posted by: IcebergSlim
is inflation really that new to all of you?

Don't worry you can buy a ton of rice with your tax rebate next month.
Click to expand...

Prices doubling in a 2-week span != normal inflation.
Click to expand...

its relative. If it was 50$ /lb and doubled to $100/lb that would be spectacular but something that was $1.50 /lb going up to $3.00 /lb not that outrageous.
Click to expand...

When you make $40 a week(out of ass third world income guess) that is pretty significant.
 
Originally posted by: vi edit
Originally posted by: IcebergSlim
Originally posted by: rivan
Originally posted by: IcebergSlim
is inflation really that new to all of you?

Don't worry you can buy a ton of rice with your tax rebate next month.
Click to expand...

Prices doubling in a 2-week span != normal inflation.
Click to expand...

its relative. If it was 50$ /lb and doubled to $100/lb that would be spectacular but something that was $1.50 /lb going up to $3.00 /lb not that outrageous.
Click to expand...

When you make $40 a week(out of ass third world income guess) that is pretty significant.
Click to expand...

First question, why should we care if people in 3rd world countries pay more?

Next, why should it affect us here in the USA?

(not why DOES it affect us, why SHOULD it affect us)

The USA is a major grower of rice. The price Americans pay should not be affected by world demand. It's OURS dammit!
 
Originally posted by: vi edit
Originally posted by: IcebergSlim
Originally posted by: rivan
Originally posted by: IcebergSlim
is inflation really that new to all of you?

Don't worry you can buy a ton of rice with your tax rebate next month.
Click to expand...

Prices doubling in a 2-week span != normal inflation.
Click to expand...

its relative. If it was 50$ /lb and doubled to $100/lb that would be spectacular but something that was $1.50 /lb going up to $3.00 /lb not that outrageous.
Click to expand...

When you make $40 a week(out of ass third world income guess) that is pretty significant.
Click to expand...

I'm guessing the ones posting on AT complaining aren't living in 3rd world on 40 dollars a week.
 
Originally posted by: BoomerD
Originally posted by: vi edit
Originally posted by: IcebergSlim
Originally posted by: rivan
Originally posted by: IcebergSlim
is inflation really that new to all of you?

Don't worry you can buy a ton of rice with your tax rebate next month.
Click to expand...

Prices doubling in a 2-week span != normal inflation.
Click to expand...

its relative. If it was 50$ /lb and doubled to $100/lb that would be spectacular but something that was $1.50 /lb going up to $3.00 /lb not that outrageous.
Click to expand...

When you make $40 a week(out of ass third world income guess) that is pretty significant.
Click to expand...

First question, why should we care if people in 3rd world countries pay more?

Next, why should it affect us here in the USA?

(not why DOES it affect us, why SHOULD it affect us)

The USA is a major grower of rice. The price Americans pay should not be affected by world demand. It's OURS dammit!
Click to expand...

We produce less than 2% of the world's rice but we export close to half of it and are one of the largest exporters behind Thailand and Vietnam. When other countries shut down exports, the demand for ours goes up.

You can connect the rest of the dots.
 
Originally posted by: Wreckem
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. 😉
Click to expand...

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.
Click to expand...


Man, I hope you're right.
 
Originally posted by: rivan
Originally posted by: tw1164
Originally posted by: Naustica
My wife bought six 40lb bags of rice last weekend to stock up before the price hike.
Click to expand...

How long will 240lbs of rice last your family?
Click to expand...

I was wondering the same thing.
Click to expand...

We used to go through 50lb sack every 2- 3 weeks back in the 80s

2 Adults/4 children

 
Originally posted by: IcebergSlim
Originally posted by: rivan
Originally posted by: IcebergSlim
is inflation really that new to all of you?

Don't worry you can buy a ton of rice with your tax rebate next month.
Click to expand...

Prices doubling in a 2-week span != normal inflation.
Click to expand...

its relative. If it was 50$ /lb and doubled to $100/lb that would be spectacular but something that was $1.50 /lb going up to $3.00 /lb not that outrageous.
Click to expand...

So if every low priced item you buy doubled in price in two weeks it would still be no big deal?

It really doesn't matter what the price is, the fact that it has increased so much in such a short period is cause for complaint.
 
Spaghetti prices have really increased as well.
Back in '04 I was getting 1 lb boxes for 88¢. Now it's $1.23 for single pound package.
Also, 2 lb boxes of spaghetti were $1.50. These days the price is $2.08.

I think it ties in with the rising cost of wheat.
 
Originally posted by: FeuerFrei
Spaghetti prices have really increased as well.
Back in '04 I was getting 1 lb boxes for 88¢. Now it's $1.23 for single pound package.
Also, 2 lb boxes of spaghetti were $1.50. These days the price is $2.08.

I think it ties in with the rising cost of wheat.
Click to expand...

Plus diesel was $2.00 a gallon then compared to $4.25 a gallon.
 
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