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Have a Rice Day
Reports of grain shortages have already sent the yuppies of New York and California racing to discounters to stockpile rice and flour, but Costco better gird itself for a fresh onslaught now that the word "cartel" has entered the picture.
Thailand's prime minister is throwing around the idea of creating an OPEC-style cartel -- but for rice rather than petroleum.
Is the world ready for OREC?
The world's largest rice producer has expressed interest in "co-operating" with other major rice production nations on rice prices. Laos, Burma, Cambodia, India, and Vietnam, all big rice producers, are seen as potential members.
Much of the world is facing food crises as commodity prices surge. While poor harvests coupled with a growing population have indeed tightened supplies rice supplies, the recent price increases have as much to do with rising oil prices and an influx of speculative cash to the market.
Naturally, major importers like the Philippines are opposed to the cartel ideal, as it would inevitably push already surging rice prices even higher.
As previously noted here, U.S. consumers can rest easy that they will be relatively unaffected should an Organization of Rice Exporting Countries come into being. Unlike oil, rice is not a huge import, as some 90 percent of the rice consumed in the U.S. is produced domestically.
Liz Gunnison
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