[Infowarrior] - Wal-Mart Rations Rice, Warns of "Supply and Demand" Concerns

[Richard Forno]

(I never thought I'd see stories like this regarding the US......but there
are a ton of food-scarcity stories making the news this week.   Scary!  -rf)


Wednesday, Apr. 23 2008
Wal-Mart Rations Rice, Warns of "Supply and Demand" Concerns

http://www.foxbusiness.com/markets/industries/retail/article/walmart-limits-
sale-rice-supply-concerns_575879_7.html

Wal-Mart, the world¹s largest retailer, said on Wednesday that it would
ration the amount of rice each customer can purchase because of recent
³supply and demand trends.²

³We are limiting the sale of Jasmine, Basmati and Long Grain White Rices to
four bags per member visit,² the company said in a statement. ³This is
effective immediately in all of our U.S. clubs, where quantity restrictions
are allowed by law.²

Wal-Mart (WMT) is the first major grocer to limit the purchasing of a
commodity because of the recent run up in prices. The company said it is not
limiting the purchase of other basic food products like flour or oil.

The price of rice, which is the primary foodstuff for the majority of the
human population around the world, rose to $894 a metric ton according to
the Thai Rice Exporters Association. That¹s compared to the $327.25 a ton
average price in the same month last year.

In Chicago, the price of export-quality  rice rose to $24.745 per 100 pounds
on Tuesday.

The run up in price in rice is primarily related to poor harvests and
countries curbing exports. Thailand, Asia¹s largest exporter of rice, said
it may curb exports.

The World Food Program called the recent run up in prices of rice and other
basic commodities a ³silent famine.²

Wal-Mart did not say when the rationing would end, but it was ³working with
our suppliers to address this matter to ensure we are in stock, and we are
asking for our members' cooperation and patience.²