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Rice jumps to record for fourth day
Rice climbed to a record for a fourth day as the Philippines, the biggest importer, announced plans to buy one million tonnes and some of the world's largest exporters cut sales to ensure they can feed their own people.
- Bloomberg
- Published: 23:38 April 8, 2008
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New York: Rice climbed to a record for a fourth day as the Philippines, the biggest importer, announced plans to buy one million tonnes and some of the world's largest exporters cut sales to ensure they can feed their own people.
Rice, the staple food for half the world, rose as much as 2.9 per cent to $21.60 per 100 pounds in Chicago, double the price a year ago. Philippine President Gloria Arroyo announced two rice tenders on Tuesday and pledged to crack down on hoarding.
Anyone found guilty of "stealing rice from the people" will be jailed, she said.
"We're in for a tough time," Roland Jansen, chief executive officer of Pfaffikon, Switzerland-based Mother Earth Investments AG, said.
Unless prices decline, "you will have huge problems of daily nutrition for half the planet." Mother Earth holds about four per cent of its $100 million funds in the grain.
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