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Rice price falls as exporters act
16.05.08
The price of rice was set for its biggest weekly decline in nearly four years today after Pakistan restarted exports and Japan prepared to open stockpiles to overseas sales.
Rice prices rocketed to record highs last month as some exporters began stockpiling to ensure local supplies. That led to concerns about the potential for hunger and even civil unrest in large parts of the world.
But the price has fallen about 14% this week, and today it fell a further $1.02, or 5%, to $19.32 per 100 pounds, the lowest since 2 April.
Pakistan, the world's fifth-biggest exporter, has about a million tons for sale after meeting local needs, according to Mohammad Azhar Akhtar, chairman of the Rice Exporters Association of Pakistan. The country halted exports on 2 May, helping to send the price soaring.
Japan is in talks with the Philippines, the world's largest importer of the grain, about shipments from Japan's stockpiles, according to a government official in Tokyo.
Vietnam, China and India have curbed rice shipments this year.
