Skip to comments.Rice Climbs by Daily Limit on Thai Flood Damage
Posted on 10/25/2011 3:22:40 PM PDT by TigerLikesRooster
Rice Climbs by Daily Limit on Thai Flood Damage
BY TOM POLANSEK
CHICAGOU.S. rice futures surged on expectations that severe flooding will cause significant crop losses in Thailand, the world's top exporter of the grain.
Rough rice futures climbed the maximum amount allowed on the Chicago Board of Trade, with the nearby November contract ending half a cent, or 3%, higher at 16.905 cents a pound, its highest settlement price in a month. The contract ...
(Excerpt) Read more at online.wsj.com ...
For the lists, ping
U understand rice as a commodity and being a large part of the world food supply in the more tropical regions.
And I have probably 40 lbs or so stashed.
Rice always has struck me as being pretty much “a food without a personality”!
Gimme red beans, black beans, split peas, heck, something that has something real to it...
Rice was $18 for a fifty lb. bag at Sam’s club today.
We bought three fifty pound bags of Super Lucky Elephant brand at Costco last week.
Should last us to the next crop.
Here in Sattahip (south of Pattaya), there is rice but almost no rice noodles in the stores at all.
Higher rice prices aren’t all bad. It might force them to eat the cheaper and better brown rice. White rice and white bread are slave foods. Henry Miller famously said that white bread was only good for filling potholes in the streets
Seems hard drive prices have skyrocketed over the past few days too because of the flooding in SE Asia.
I will tell my newly arrived Thai in-laws that they have to eat more wheat bread.
“Higher rice prices arent all bad. It might force them to eat the cheaper and better brown rice”
Thais are not going to eat brown rice any more than westerns would fried crickets and grasshoppers. And I don’t think it is cheaper - not here.
Pattaya is quite far from Bangkok. It has its own floods from heavy rains (not from the sea) but is a resort as you say, so if it floods it’s just an inconvenience.
Bangkok though, is the commercial, industrial and financial heart of Thailand. If it becomes impossible to move freely (and I use the word loosely, given the horrendous traffic there) around the city and the infrastructure is seriously affected with power outages, for example, then that affects everyone.
Toyota is shut down, which will affect all of SE Asia. Seagate has some serious problems which will mean a shortage of hard drives, including in the USA as this is a huge plant that supplies international markets.
Locally, foodstuff stocks in the grocery stores are down (my guess) around 40%, especially butchered products - mostly pork.
How do you store that much rice?
Stocking up on rice and peanut butter this week! Thank goodness my gold and silver are perking up again. :)
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