Global rice market seen to remain tight in 2009

Source: International Herald Tribune Export restrictions by key producing nations, coupled with population growth, are expected to keep the global rice market tight for the second consecutive year, an international institute said Monday. Rapid hikes earlier this year in the price of rice — the staple food of 2.5 billion people — set off riots and protests from Africa to Asia to the Caribbean amid fears of a global food shortage. From a record US$1,000 per metric ton in May, the price of Thai 100 percent Grade B slipped to about US$800 in June and US$764 in September, according to a quarterly publication of the Philippine-based International Rice Research Institute and the Food and Agriculture Organization.