Rice prices soar amid shrinking stockpiles in Asia
abs-cbnNEWS.com | 11/04/2009 8:02 AM
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MANILA - Rice prices climb to a 9.5-month high amid concerns about shrinking rice stockpiles in Asia.
Rice prices at the Chicago Board of Trade climbed 43 cents to $14.81 per 100 pounds, the highest level since mid-January.
Weather disturbances in India and the Philippines are expected to have drastically reduced the whole year rice harvests in the 2 countries.
India, the world's second largest rice producer following China, is typically a net exporter of rice, but agricultural experts say India's worst drought since 1972 could turn it into a net importer. - Report from ANC's Business Nightly
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