Wal-Mart and Costco both rationing rice to customers

http://www.ipsnews.net/news.asp?idnews=42058

Many experts believe the rice crisis was waiting to happen. Annual world rice consumption has been higher than production for more than ten years, according to Vichai Sriprasert, president of Riceland International, a major Thai rice exporter. As a result, international stocks have been steadily depleted. The only answer, according to most experts, is greater investment in agriculture.

"This is a crisis that has been brewing for years," said Samuel. "Although there has been substantial economic growth right across the region, this has been in the industrial and service sectors, investment in the agriculture has stagnated or even declined in real terms."

"Unless there is concerted investment in agriculture in Asian countries, food price hikes will become a perennial problem. This includes investment in irrigation, better water management, improved storage facilities for harvested grain, soft-loans to farmers and comprehensive marketing and delivery systems, and land reform," he said.
 
Desh said:
http://www.ipsnews.net/news.asp?idnews=42058

Many experts believe the rice crisis was waiting to happen. Annual world rice consumption has been higher than production for more than ten years, according to Vichai Sriprasert, president of Riceland International, a major Thai rice exporter. As a result, international stocks have been steadily depleted. The only answer, according to most experts, is greater investment in agriculture.

"This is a crisis that has been brewing for years," said Samuel. "Although there has been substantial economic growth right across the region, this has been in the industrial and service sectors, investment in the agriculture has stagnated or even declined in real terms."

"Unless there is concerted investment in agriculture in Asian countries, food price hikes will become a perennial problem. This includes investment in irrigation, better water management, improved storage facilities for harvested grain, soft-loans to farmers and comprehensive marketing and delivery systems, and land reform," he said.
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Good article. Thanks.
 
Desh said:
"Unless there is concerted investment in agriculture in Asian countries, food price hikes will become a perennial problem."
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Any chance that the price hikes will CAUSE increased investment in agriculture in Asian (and other) countries?

"Hey, Xiaohong, check it out! Those crazy gaijin will pay twice as much for our rice as they did last year! Now we can buy that machine that lets us plant more in the same space, and pay for a tractor to drag down those trees in the back 20 and make paddies out of that land too! And the way other countries are consuming more and more rice too, it looks like a trend that isn't going to stop! Jin Bao!"

And all without the hand of government going anywhere near........ :D
 
Topspin said:
significantly higher prices always lead to more production
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Only if you have the production capacity. You see toppy, you have to have the ABILITY to produce more in order to actually produce more.

Do you think China would be importing rice for the first time ever if they had the ability to produce more on their own?
 
Topspin said:
Do you think the world is out of productive land? LOL
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You really are quite slow on the uptake aren't you???

Tell me toppy, what country do you think exists that has the production capacity to produce more right now? Obviously with better weather, they can increase production, but tell us toppy, what country has this available land for rice production right now? Do you really believe they can simply wave a magic wand and make land suitable for rice production?
 
Topspin said:
Do you think the world is out of productive land? LOL
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china has NOT invested in it.....they are growing less per person than they did in the past, manufacturing and building up their army has been their focus.

food doesn't just appear because you have land...you have to make the investment and hard work in farming it....
 
Care4all said:
china has NOT invested in it.....they are growing less per person than they did in the past, manufacturing and building up their army has been their focus.

food doesn't just appear because you have land...you have to make the investment and hard work in farming it....
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Building up their army?

China has 1.5 billion people. They report 70 billion a year in defense funds, but the pentagon says that's REALLY 150 billion a year. We spend 500 billion a year.
 
Talk about a bit over reaction, Isn't Sams club limiting you to something like 40 lbs of rice per visit. Just a couple of days supply ;)

I just checked and her is the info on the rationing of rice at Sams Club:

Sam's Club declined to say if this is first time it has restricted sales of bulk foods. The limits affect 20-pound bags, not retail-sized portions. Costco President and CEO Jim Sinegal declined to discuss the issue Wednesday with an AP reporter.

Sam's Club said it will limit customers to four bags at a time of imported jasmine, basmati and long grain white rice.

http://finance.myway.com/jsp/nw/nwdt_rt.jsp?section=news&feed=ap&src=601&news_id=ap-d907tddg3&date=20080423

Seems to be only imported rice at Sams, and 80 lbs per visit ...hmmm

PANIC!!!!! OMG....
 
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Last Friday at the local Costco, the shelves were empty of rice, whether 20#, 50#, or whatever size. My family (wife is Chinese) usually buys one 50# bag every six months.

Called three other Costcos, they reported the same thing, none of them know when they will get in more.

That probably means more is coming, but they don't want a mass riot when it shows up, so they are keeping quiet and letting customers discover the shipment on their own.

Why do I get the feeling that these big retailers are getting the usual amounts of rice they have always gotten, with appropriate increases for slowly rising demand... but the recent rumors of a rice "shortage" caused everyone to suddenly buy like ten bags each. Presto: instant self-fulfilling "shortage". But the stores will get in the usual amounts as per their usual schedule. So when the hoarders have their fill, suddenly demand will drop hugely as they stop buying new and eat their way through what they've stored.

What are the chances?
 
Little-Acorn said:
Last Friday at the local Costco, the shelves were empty of rice, whether 20#, 50#, or whatever size. My family (wife is Chinese) usually buys one 50# bag every six months.

Called three other Costcos, they reported the same thing, none of them know when they will get in more.

That probably means more is coming, but they don't want a mass riot when it shows up, so they are keeping quiet and letting customers discover the shipment on their own.

Why do I get the feeling that these big retailers are getting the usual amounts of rice they have always gotten, with appropriate increases for slowly rising demand... but the recent rumors of a rice "shortage" caused everyone to suddenly buy like ten bags each. Presto: instant self-fulfilling "shortage". But the stores will get in the usual amounts as per their usual schedule. So when the hoarders have their fill, suddenly demand will drop hugely as they stop buying new and eat their way through what they've stored.

What are the chances?
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Weren't you the guy that in a separate thread stated that you called your local Costco and they had plenty of bags of rice for $14.99 each?
 
hhhmmmmm

I need to lay off the carbs anyway. Maybe an impending food shortage is what I need to kick start my diet.
 
LadyT said:
hhhmmmmm

I need to lay off the carbs anyway. Maybe an impending food shortage is what I need to kick start my diet.
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You know it’s just so awful how disgusting we are as Americans. We spend billions to lose weight, and we are so spoiled. I was in the grocery store last week, looking for Dansini lemon flavored water. And all they had was fruit2O and I was really pissed about it. I was actually mumbling to myself, and then all of a sudden I thought about the food riots in other countries, and I was so ashamed and disgusted with myself.
 
Darla said:
You know it’s just so awful how disgusting we are as Americans. We spend billions to lose weight, and we are so spoiled. I was in the grocery store last week, looking for Dansini lemon flavored water. And all they had was fruit2O and I was really pissed about it. I was actually mumbling to myself, and then all of a sudden I thought about the food riots in other countries, and I was so ashamed and disgusted with myself.
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yeah. we are spoiled. I thought the daily show had a great sketch on our food shortages verses those in developing countries. we were restricted to 1 or 2 40lb bags, while they were rioting in the streets b/c they couldn't afford anything. We're all guilty of it. I wouldn't beat yourself up too much.
 
LOFL. most countries could produce more rice.
As you learn in ECON 101, raise the price and production goes up.
People have had more profitable uses for land than rice farming. Period.
 
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