Rice - Price

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

Famous quotes containing the word price:

    By all those, who are not much acquainted with him, he was considered infinitely below his level; he put no price upon himself, and consequently went at an undervalue; for the world is complaisant or dupe enough, to give every man the price he sets upon himself, provided it be not insolently and overbearingly demanded. It turns upon the manner of asking.
    Philip Dormer Stanhope, 4th Earl Chesterfield (1694–1773)

    The price of telling your troubles is having to listen to advice.
    Mason Cooley (b. 1927)

    I have asked a lot of my emotions—one hundred and twenty stories. The price was high, right up with Kipling, because there was one little drop of something, not blood, not a tear, not my seed, but me more intimately than these, in every story, it was the extra I had. Now it has gone and I am just like you now.
    F. Scott Fitzgerald (1896–1940)