G.O.O.D

Source: International Herald Tribune

Export restrictions by key producing nations, coupled with population growth, are expected to keep the global rice market tight for the second consecutive year, an international institute said Monday.

Rapid hikes earlier this year in the price of rice — the staple food of 2.5 billion people — set off riots and protests from Africa to Asia to the Caribbean amid fears of a global food shortage.

From a record US$1,000 per metric ton in May, the price of Thai 100 percent Grade B slipped to about US$800 in June and US$764 in September, according to a quarterly publication of the Philippine-based International Rice Research Institute and the Food and Agriculture Organization.

Global rice stocks, which were at a record low of 73 million tons in 2004-05, have been steadily rising and are projected to reach 82 million tons in 2008-09, up from 78.5 million tons in 2007-08, the IRRI said.

It said it expected a record production of 432 million metric tons of milled rice — up 1 percent over last year’s yield — based on the expected expansion of rice fields by almost 2.5 million acres (1 million hectares), with India accounting for half of the increase.

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