WTF is going on, this is just getting out of control, I could just imagine what is next....looks like sushi prices are going to go through the roof just like pizza and bread did after wheat jumped.....
Wednesday, Apr. 23 2008
Wal-Mart Rations Rice, Warns of "Supply and Demand" Concerns
Wal-Mart, the worlds largest retailer, said on Wednesday that it would ration the amount of rice each customer can purchase because of recent supply and demand trends.
We are limiting the sale of Jasmine, Basmati and Long Grain White Rices to four bags per member visit, the company said in a statement. This is effective immediately in all of our U.S. clubs, where quantity restrictions are allowed by law.
Wal-Mart (WMT: 57.15, +0.60, +1.06%) 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. Thats 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, Asias 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 silent famine.
Wal-Mart did not say when the rationing would end, but it was working with our suppliers to address this matter to ensure we are in stock, and we are asking for our members' cooperation and patience.