Record Price for Rice
Rice, the food staple of billions of people worldwide, which after husking and removal of the bran and germ to make white rice, contains 0% of any essential nutrients, is commanding record prices on world commodity markets.
The Chicago Board of Trade’s rice futures market yesterday surged up 50 cents in one day to $21 per hundredweight. The demand by buyers for new crop calls greatly outstripped the number of sellers as sellers held off to see how high the price would go. The daily limit of 50 cents was reached, so the prices couldn’t go beyond that. The limit will be raised to 75 cents for tomorrow’s trading. When the limit is reached it is referred to as a “limit up close” and the limit is then raised. Traders commented that no sellers could be found. Global supplies of the nutritionally worthless food are extremely short, so much that many rice exporters such as India, China, Vietnam and Egypt have reduced or completely halted exports. This is one reason for high prices in the global market as well as in the commodities futures market.
Record Price for Rice
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