27 May '11, 6am

New rice crisis cannot be ruled out: research group

On Friday 27 May 2011, 12:25 SGT A repeat of the 2008 rice crisis that led to riots in the developing world cannot be ruled out as the cost of other agricultural goods surge, a research group has warned. The International Rice Research Institute said the global rice market was delicately balanced as the grain had managed to avoid huge price rises thanks to stable weather in rice growing regions. The cost of wheat surged 121 percent over the eight months to February, maize jumped 92 percent and sugar 80 percent higher due to bad weather and rising global demand for commodities. However, at the same time rice prices rose just 17 percent due to good harvests in 2010. But the IRRI, in its quarterly Rice Today magazine, said the possibility of panic-buying of the staple similar to that three years ago could send prices soaring again. Rice prices nearly tripled from $362 a tonne...

Full article: http://sg.finance.yahoo.com/news/New-rice-crisis-ruled-af...

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