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Saturday, April 26, 2008

Global rice squeeze hitting U.S. consumers

 

George Raine, Chronicle Staff Writer

Friday, April 25, 2008

The climbing global price of rice and other staples shows no sign of leveling off, given caps placed on exports and various supply-side squeezes. As a result, food experts predict hunger and poverty in poor nations along with a restricted supply of grains coupled with rising prices in this country.

The worldwide rice crisis lapped over into the United States this week when Costco Wholesale and Wal-Mart's Sam's Club, the two biggest warehouse retail chains, limited the amount of bulk imported rice customers can buy. Sam's Club said the restriction is due to "recent supply and demand trends."

The shortage reflects restrictions on exports by major rice producers, notably India, Vietnam and Egypt, followed on Wednesday by Brazil, causing imbalance in world markets. These nations acted to ensure adequate domestic supplies amid rising world prices for preferable varieties of long-grain rice. Drought has contributed to the shortage, as has hoarding, experts say.

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Global rice squeeze hitting U.S. consumers

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