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........
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