Price
In late 2007 to May 2008, the price of grains rose greatly due to droughts in major producing countries (particularly Australia), increased use of grains for animal feed and US subsidies for bio-fuel production. Although there was no shortage of rice on world markets this general upward trend in grain prices led to panic buying by consumers, government rice export bans (in particular, by Vietnam and India) and inflated import orders by the Philippines marketing board, the National Food Authority. This caused significant rises in rice prices. In late April 2008, prices hit 24 US cents a pound, twice the price of seven months earlier.
On April 30, 2008, Thailand announced plans for the creation of the Organisation of Rice Exporting Countries (OREC) with the intention that this should develop into a price-fixing cartel for rice. However, little progress had been made by mid-2011 to achieve this.
Read more about this topic: Rice
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