Posted on 04/27/2008 2:53:29 PM PDT by EBH
Reports about shortages of rice in the United States probably apply only to several imported varieties, and definitely not to the domestic supply of the popular grain.
“Are we running out of rice? The answer is no,” said Dr. Mark Welch, Texas AgriLife Extension Service agricultural economist.
This week’s news that two large box retailers in the United States were limiting customer purchases of rice was shocking in a nation where food shortages are rare.
Retailers Sam’s Club and Costco reportedly limited bulk sales of some varieties of rice – all of which are imported from other countries – in some stores across the nation, according to the Associated Press.
But the reason behind the limits and the facts about rice supply aren’t in sync, according to Dr. Mark Welch, Texas AgriLife Extension Service agricultural economist.
“Rice markets have been roiled by reports of trade restrictions by large rice exporting countries India, Vietnam, and Brazil and reports of rice rationing in the U.S. by major food retailers Sam’s Club and Costco,” Welch said.
Rice supplies are at relatively low levels, but the surge of panic buying and rapidly escalating prices is not supported by supply and demand fundamentals, he noted.
“Rice is an important staple in the diets of over half of the world’s population. Any price increase on persons with limited economic resources is a hardship,” Welch said. “The recent surge in prices has severe consequences for those who struggle daily for adequate nutrition.”
Welch said per capita consumption of rice has not increased in the last several years. Demand for corn and soybeans is increasing largely due to biofuels and feed use, but wheat and rice demand are basically unchanged.
Welch pointed out these facts about the rice supply:
– People in the U.S. eat about 4 pounds of rice a month. That’s a total of about 10 million hundredweights a month in the nation.
– The U.S. has about 104 million hundredweights in supply right now - a 10-month supply.
– And the new U.S. crop will be harvested beginning in September, only about five months from now, and should replenish supplies.
I’ve been kind of partial to basmati rice lately.
But Minute Rice will do just fine.
SAM’s Club was limiting sales yesterday too just 4 bags per customer........
If the current generation gets a Jimmy Carter Recession, they’ll be rioting and raiding each others homes to steal food.
” But Minute Rice will do just fine “
Minute rice is an abomination .
YESSIR yessir 3 bags full....
i’v flooded my back yard and sown a passel a them rice seeds...
we’ll see who wins this war.....round eyes..!
Economists say? I’d rather have our farmers tell me. Economists are not partial to things like preserving national security.
LOL......we love rice yet ain’t worried if it goes away......aside I think most of it sold in the CONUS is from Louisana isn’t it ?
I’ve heard stories of people buying rice here and shipping it back to their folks overseas.
I find this really difficult to credit, as I suspect the cost of shipping a 50 pound bag of rice would greatly exceed the difference in cost in the Phillipines or wherever.
I’m doing my part by choosing garlic mashed potatos over rice every time.
Rice can still be had in any quantity at Asian food stores across the country. Sounds like COSTCO and Sam’s Club are playing a game.
and farmers are partial to government bailouts and subsidies I wonder who I should trust.
Why don't the buyers go down to Costco themselves?
I don't get this. Last time I looked rice was about $25 for 50 pounds at Costco.
What's the cost of shipping 50 pounds to the buyer?
The prices of these commodities have been rising dramatically, partially because of increasing demand from other parts of the world and the weakness of the dollar.
The bigger reason is because of the dislocation of acreage due to the use of corn, mainly, but other grains as well, for the low efficiency non-ecologically useful ethanol to feed those ugly little Prius beasts running around here.
The bottom line is that rice, dry pasta, flour and other grains as well as many canned foods last for months even years.
A money market fund pays 2.5% or less, a 1 year CD pays 4% or less...stocking up on rice and those other commodities now can save (earn) 5-10-15 maybe even 20% on that cash.
Should I mention that it might also save you gas, by reducing the number of times you drive to the market each year?
I’ve stocked up on Rice-A-Roni, Cajun Style...ummmmm.
Thes threads make me want to run out and buy 100# of rice.
Then I remember, Oh yeah - I don’t like rice.
A few years as a poor kid in Korea will do that for you.
(I love kimchi, though. Oddly enough)
LOL...last year I bought a burlap bag of Basmati rice at Costco....stuck it away....forgot about it.....bought another bag....then remembered I had a bag....guess I’m “in the money!?
I know I buy Mahatma from Louisiana, especially the yellow spicy kind. Delicious.
Love it great stuff........
The article falls flat on its face when one looks for some facts on the situation.
.
"Rice yields globally expanded more than 40% from 1980 to 2000, according to data compiled by the USDA. They've increased only about 5% since then, the data show. Stockpiles will fall to 75.2 million tons, about half of where they were at the start of the decade, the USDA said."
http://www.financialpost.com/small_business/story.html?id=428566
.
"KANSAS CITY, April 16: The world has “never been less secure” about the near-term future of wheat, US Agriculture Secretary Edward Schafer told food aid groups on Wednesday.
Schafer told the International Food Aid Conference meeting here that global wheat stocks are at historic 30-year lows and US wheat stocks are at 60-year lows. Against that background, the highly virulent African stem rust is quickly spreading to places such as Uganda, Ethiopia, Yemen, India, Pakistan and now Iran.
“With over 75 per cent of US wheat acres planted to varieties that are highly susceptible to this disease, the threat here at home is real and it is urgent,” he said.
The disease, which is carried by wind spores, would be devastating to global food supplies if it affects the US wheat crops, now valued at $16 billion."
Too bad they don’t have price tags on them...to compare.
yeah, like the ethanol subsidies the Bush whitehouse is handing out like halloween candy? now you see why there is a food shortage.
Costco is making the most of the food scare by positioning bulk foodstuffs at the front of the store when you walk in.
“Schafer told the International Food Aid Conference meeting here that global wheat stocks are at historic 30-year lows and US wheat stocks are at 60-year lows. Against that background, the highly virulent African stem rust is quickly spreading to places such as Uganda, Ethiopia, Yemen, India, Pakistan and now Iran. With over 75 per cent of US wheat acres planted to varieties that are highly susceptible to this disease, the threat here at home is real and it is urgent,” he said.”
I wonder if there’s any way to find out how much Mr. Schafer has invested in grain futures?
” Food is food when you are poor
Ask a mother with starving children... “
Agreed - please chill .
My point was that “ minute rice “ is crap not fit for human consumption UNLESS one is poor . Cool ?
I noticed that you inadvertently left his title out.
"US Agriculture Secretary Edward Schafer"
The Costco CEO speaks a steaming pantload.
With the exception of this idiot in Illinois trying to sell an open 20lb. bag of rice for $100 there's nothing going on.
Ah! He collects after his term is up!
And presto, FOOD for EVERYBODY at CHEAP PRICES! Got it.
Our family, friends and co-workers have a habit of stocking our pantries and keeping em topped off just in case. I figure they can scare the US for about a year before we worry ....... games are being played.
Doom on the trash pandering such .
Yeah, eat rice! It’ll make you short in stature like it did the Asian populations until they started importing beef from the Good Ole U.S.A. !
I am wondering. Why would you want to hoard if there is no problem? It seems to be contagious with your acquaintances.
The Good Ole U.S.A. farmer is losing 150 bucks a head on his investment right now due to grain costs.
“I’m doing my part by choosing garlic mashed potatos over rice every time.”
with grilled venison strips off the grill that have been marinated in liquid smoke and ken davisMMMMMMMMMMMMMMMMM
We don’t hoard we just keep a stocked pantry......we’ve done such since I was a small child. Nothing new for me or mine. Grandparents used to talk of the depression era etc and times won’t always be good unless one prepares physically or fiscally. The Eagle Scout and Military in me say be prepared. Nothing more......
Stay safe !
"Doom on the trash pandering such ."
I just like having a full pantry. If I feel like having rice, baked beans, couscous, or any of several kinds of pasta, it's there. And I buy my staples at Costco, so I get large boxes of whatever I get
Well you make up what ya want and insult someone else......no time for such or the likes of you. Sorry you feel that way.
I didn't insult you. Here is what you said. You could of explained it from the get go.
"Doom on the trash pandering such."
The question is who is it you are insulting?
Oh I am just trying to be popular here..........:o)
Here you are hoarding food, and everbody is wrong about any shortages. Is that correct?
Good on you! But I gave up trying months ago. There are too many fickle people around here....too many people straining to be offended and then wanting to spar about it...like a bunch of little banty roosters. :-)
Then I am sure you can refute post # 21.
Yeah if I was trying to be popular I’d give away money and free cars and take the time to deal with those that twist things around.
Stay safe !
Now you know that negaitve news is almost a taboo here. Yet you hoard food at the same time. I ain't gona say what that makes you look like.
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