At USD 1000/ton ....
Armed guards are now the latest addition to rice paddies all
over Asia. Food riots, are showing no sign of abating. World
countries are taking turn hitting the pavement over the high
price of food. Rice cultures are now in the process of beef-
ing up the capabilities of their riot police. Even in the US
there was a run at CostCo, on rice and flour, yesterday, and
the company was forced into rationing.
Fear induced hording is now entrenched, worsening shortage.
All over Asia, governments are running scared. One after an-
other, they imposed ex****t bans. Year 2008 just entered into
Q2, already price of rice jumped 150%. Environmental degrad-
ations and weather pattern are the principal culprits in the
extreme inelasticity of supply. In that light, it is utterly
inconceivable that in the coming months, prices will not get
worse. And, it is entirely natural that those countries with
their currencies pegged to the USD will be hit the hardest.
While unheard of, USD 1600/ton rice is palpable .... :)
Regards,
Albert K. Fung
Casa Tres Palmas, Santa Ynez, California, USA.
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