Thu
Apr 24 2008
07:10 am
Sam's Club and Costco limiting rice purchases?
By: bizgrrl

U.S. rice futures soared to an all-time high Wednesday as investors bet that surging world demand will continue to pressure already dwindling stockpiles.

Apparently some people are very picky about their rice. Imported jasmine, basmati and long grain white rice seem to be the choice for the rice aficionado.

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

The steep increases have followed similar jumps in the price of wheat, corn and soybeans that have added to Americans' growing grocery bill and led to violent food riots in poor countries including Haiti, Senegal and Pakistan.

Lucky me. I'm more of a potatoes person. Potatoes can be grown in my back yard.

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jah's picture

Heard it on NPR

Submitted by jah on Thu, 2008/04/24 - 9:35am.

This was on NPR yesterday. They said there is plenty of rice in the US and we actually export half of what we make. But prices are going up worldwide, and Sam's and Costco refuse to raise their prices (for obvious reasons - their whole strategy is low cost goods and profits on memberships). Instead of raising prices to keep up with supply & demand, they just sell less at the same price. Of course I don't know how that relates to fancy rice.

edens's picture

Hmmm...Missouri is one of

Submitted by edens on Thu, 2008/04/24 - 12:49pm.

Hmmm...Missouri is one of the six leading rice producing states.

Anheuser-Busch? Or is it merely a Mississippi floodplain thing? Arkansas, Louisiana and Mississippi are also in the top six (along with Texas and Calf.)

redmondkr's picture

Justin Wilson once said that

Submitted by redmondkr on Thu, 2008/04/24 - 12:58pm.

Justin Wilson once said that a true Cajun could walk past a field of rice and correctly estimate the amount of gravy necessary to cover it.


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