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rookie
Member



Joined: 2003/6/3
Posts: 4803


 Re:

Sam's Club, Costco limit rice purchases as prices rise
The move comes as U.S. rice futures hit a record high amid global food inflation


(AP) -- The two biggest U.S. warehouse retail chains are limiting how much rice customers can buy because of what Sam's Club, a division of Wal-Mart Stores Inc., called on Wednesday "recent supply and demand trends."

The broader chain of Wal-Mart (WMT, Fortune 500) stores has no plans to limit food purchases, however.

The move comes as U.S. rice futures hit a record high amid global food inflation, although one rice expert said the warehouse chains may be reacting less to any shortages than to stockpiling by restaurants and small stores.

Sam's Club followed Seattle-based Costco (COST, Fortune 500) Wholesale Corp., which put limits in at least some stores on bulk rice purchases.

Sam's Club declined to say if this is first time it has restricted sales of bulk foods. The limits affect 20-pound bags, not retail-sized portions. Costco President and CEO Jim Sinegal declined to discuss the issue Wednesday with an AP reporter.

Sam's Club said it will limit customers to four bags at a time of imported jasmine, basmati and long grain white rice.

Higher prices ahead
The warehouse chain caters heavily to small businesses, including restaurants. Sam's Club spokeswoman Kristy Reed said she could not comment on whether the problem was caused by short supplies or by customers stocking up in anticipation of higher prices.

USA Rice Federation spokesman David Coia said there is no rice shortage in the United States.

"It's possible that small restaurants and bodega-type neighborhood stores may be purchasing rice in larger quantities than they do typically to avoid higher prices," Coia said about the warehouse chain restrictions.

A smaller chain, Natick, Mass.-based BJ's Wholesale Club (BJ, Fortune 500), said it is not imposing limits for now.

"At the present time, BJ's Wholesale Club is not limiting the amount of rice purchases made by our members, but, due to the current market situation, that could change at any time," spokeswoman Sharyn Frankel said in a statement.

In New York's Chinatown, shop owners said that they haven't seen people stocking up amid fears of rice shortages.

At Bangkok Center Grocery, one of the main suppliers of Thai food products in New York City, manager Tom Pongsopon said the price of a 25-pound bag of Jasmine rice at his Chinatown store has gone up from $15 to $20 in a matter of months.

"We have enough for now, but I'm not sure about the future," Pongsopon said.

The Sam's Club restriction is effective immediately at all locations where quantity restrictions are allowed by law. It does not apply to other staples such as flour or oil.

"We are working with our suppliers to address this matter to ensure we are in stock, and we are asking for our Members' cooperation and patience," Reed said in a statement.

Sam's Club has 593 stores compared with 2,523 Wal-Mart Supercenters that combine a full grocery section with general merchandise.

Costco has 534 warehouses worldwide, most of them in the United States.

Wal-Mart spokeswoman Deisha Galberth said Wal-Mart stores have no plans for restrictions similar to those at Sam's Club.

"We are not seeing any signs of concern in the supply chain that would cause us to limit the sales of any items," Galberth said.

Investors react
U.S. rice futures soared to an all-time high Wednesday as investors bet that surging world demand will continue to pressure already dwindling stockpiles. Rice for the most actively traded July contract jumped 62 cents to $24.82 per 100 pounds on the Chicago Board of Trade, after earlier rising to a record $24.85.

Relentless demand from developing countries and poor crop yields have pushed rice prices up 70 percent so far this year, raising concerns of severe shortages of the staple food consumed by almost half the world's population.

The steep increases have followed similar jumps in the price of wheat, corn and soybeans that have added to Americans' growing grocery bill and led to violent food riots in poor countries including Haiti, Senegal and Pakistan.

Most of the rice eaten in the world is consumed within 60 miles of where it was grown, said Nathan Childs, an economist and rice expert with the U.S. Department of Agriculture. Traditionally very little of it was traded in the world market.

But as populations crossed borders, the taste for specialty rices such as the Indian basmati, or Thai jasmine rice, which grow only in their areas of origin, spread.

U.S. production of long grain and medium grain rice is strong, and the global crop is larger than ever, Childs said. But with some of the principal exporters of the higher-priced rices, such as India and Vietnam, shunning foreign sales to control prices at home and the cost of food generally going up, the price of rice has been climbing to new heights.

What adds to the price spike -- and the run on specialty products like basmati -- is that rice consumers tend to be very loyal. The market is highly segmented by type of rice and quality, and buyers will generally not take a substitute, Childs said.

"California's had a pretty good crop, but basmati and jasmine consumers have a history of not switching," he said. "They could always have bought cheaper Calrose. But they don't."




_________________
Jeff Marshalek

 2008/4/24 8:24Profile
rookie
Member



Joined: 2003/6/3
Posts: 4803


 Re:

A friend told me yesterday, that the price of a 40 lbs bag of dog food he buys at Agway, went from $26 to $40.

In Christ
Jeff


_________________
Jeff Marshalek

 2008/4/24 8:31Profile









 Re:

I shop by bulk at Sam's club since we have a family of seven and I found some information on how to properly store rice if your interested.

"Storing Uncooked Rice:

As with many dry goods, uncooked rice should be stored in a dry and cool environment. Rice will absorb strong aromas, so it is very important to store rice far away from foods such as onions or garlic. Keeping rice in securely sealed containers keeps out unwanted moisture and eliminates the risk of infestation.

Brown rice, because of the oil content in the attached bran, aleurone and germ, is susceptible to oxidation. As a result, brown rice has a shelf life of only six months. Keeping brown rice in a refrigerator or cooler will extend the shelf life.

[b]White rice, if stored properly, has an almost indefinite shelf life. [/b]

Milled rice (white, parboiled or pre-cooked) will keep almost indefinitely on the pantry shelf. Once opened, rice should be stored in a tightly-closed container that keeps out dust, moisture and other contaminants...."

http://www.usarice.com/foodservice/storage.html

 2008/4/24 8:38
MrBillPro
Member



Joined: 2005/2/24
Posts: 3317
Texas

 Re:

Quote:

enid wrote:

Compliments,
Take everything bubbaguy says with a pinch of salt.

Including the meat!

God bless.



Especially when he is quoting scripture when folks were under the Law. We are no longer under the supervision of the law.


_________________
Bill

 2008/4/24 10:24Profile
ginnyrose
Member



Joined: 2004/7/7
Posts: 7497
Mississippi

 Re: GMO Grains

You have been writing about the 'shortage' of grains...there is also another issue that deeply concerns me and that is the way scientists are promoting GMO seeds onto the farmers with great promises of increased production. But it has the critics declaring the resulting fruit is inferior nutrition-wise. Some would even say that if wild animals are offered the choice they will leave the GMO grain for the natural grain.

"USA Acres", a magazine devoted to organic farming and sustainable agriculture is no big friend of the mammoth Agri-business and the chemical industry...and they have been sending the alarm for a long time....wonder how or if these issues are related?

Here are some links:
http://www.pbs.org/newshour/bb/science/jan-june00/food_4-4.html
http://todayyesterdayandtomorrow.wordpress.com/2007/06/10/censored-news-independent-study-points-to-dangers-of-gm/

Or, just google ‘danger of using GMO grains’ and you will learn more then you ever wanted to know.

Perhaps the chickens are coming home to roost?

ginnyrose


_________________
Sandra Miller

 2008/4/27 17:02Profile









 Re:

American Economy
Part 1
In just one year. WHO OR WHAT
A little over one year ago.
1) Consumer confidence stood at a 2 1/2 year high;
2) Regular gasoline sold for $2.19 a gallon;
3) The unemployment rate was 4.5%.



NOW
1) Consumer confidence plummet;
2) The cost of regular gasoline soar to over $3.50 a gallon;
3) Unemployment is up to 5% (a 10% increase);
4) American households have seen $2.3 trillion in equity value evaporate (stock and mutual fund losses);
5) Americans have seen their home equity drop by $1.2 trillion dollars;
6) 1% of American homes are in foreclosure.

 2008/4/27 20:45
rookie
Member



Joined: 2003/6/3
Posts: 4803


 Re:

Wall Street Grain Hoarding Brings Farmers, Consumers Near Ruin
By Jeff Wilson



April 28 (Bloomberg) -- As farmers confront mounting costs and riots erupt from Haiti to Egypt over food, Garry Niemeyer is paying the price for Wall Street's speculation in grain markets.

Commodity-index funds control a record 4.51 billion bushels of corn, wheat and soybeans through Chicago Board of Trade futures, equal to half the amount held in U.S. silos on March 1. The holdings jumped 29 percent in the past year as investors bought grain contracts seeking better returns than stocks or bonds. The buying sent crop prices and volatility to records and boosted the cost for growers and processors to manage risk.

Niemeyer, who farms 2,200 acres in Auburn, Illinois, won't use futures to protect the value of the crop he will harvest in October. With corn at $5.9075 a bushel, up from $3.88 last year, he says the contracts are too costly and risky. Investors want corn so much that last month they paid 55 cents a bushel more than grain handlers, the biggest premium since 1999.

``It's the best of times for somebody speculating on grain prices, but it's not the best of times for farmers,'' said Niemeyer, 59. ``The demand for futures exceeds the demand for cash grains.''

Commodity investors control more U.S. crops than ever before, competing with governments and consumers for dwindling food supplies. Demand is rising with population and income gains in Asia, while record energy costs boost biofuels consumption, sending grain inventories to the lowest levels in two decades.

Fund-Buying Gains

Index-fund investment in CBOT corn, soybeans and wheat has increased 66 percent to the equivalent of 902,105 futures contracts, a record, since January 2006, when the government began collecting the data. Each contract represents 5,000 bushels, about what Niemeyer reaps from every 22 acres of corn planted.

Investments in grain and livestock futures have more than doubled to about $65 billion from $25 billion in November, according to consultant AgResource Co. in Chicago. The buying of crop futures alone is about half the combined value of the corn, soybeans and wheat grown in the U.S., the world's largest exporter of all three commodities. The U.S. Department of Agriculture valued the 2007 harvest at a record $92.5 billion.


(end of partial article)


In the various Asian countries it is against the law to hoard grain like rice and wheat. The penalty for this crime is life in prison.

In America, Wall Street is responsible for tying up over half the crops of wheat, corn, and soybean that will be grown this year...speculating that demand will increase and thus handsome profits are likely...

This reminds me of this Scripture...

James 5:
1 Come now, you rich, weep and howl for your miseries that are coming upon you! 2 Your riches are corrupted, and your garments are moth-eaten. 3 Your gold and silver are corroded, and their corrosion will be a witness against you and will eat your flesh like fire. You have heaped up treasure in the last days. 4 Indeed the wages of the laborers who mowed your fields, which you kept back by fraud, cry out; and the cries of the reapers have reached the ears of the Lord of Sabaoth. 5 You have lived on the earth in pleasure and luxury; you have fattened your hearts as in a day of slaughter. 6 You have condemned, you have murdered the just; he does not resist you.


Do you see how the love of mammon murders the just? People are starving because the price of rice has doubled in just 5 weeks.

In Christ
jeff


_________________
Jeff Marshalek

 2008/4/28 21:29Profile









 Re:

Quote:
American Economy
Part 1
In just one year. WHO OR WHAT
A little over one year ago.
1) Consumer confidence stood at a 2 1/2 year high;
2) Regular gasoline sold for $2.19 a gallon;
3) The unemployment rate was 4.5%.



NOW
1) Consumer confidence plummet;
2) The cost of regular gasoline soar to over $3.50 a gallon;
3) Unemployment is up to 5% (a 10% increase);
4) American households have seen $2.3 trillion in equity value evaporate (stock and mutual fund losses);
5) Americans have seen their home equity drop by $1.2 trillion dollars;
6) 1% of American homes are in foreclosure.



I know we shouldnt bring up politics, but our government does obviously play a role in all this. 2 years ago the Democrats took control of both houses... and here we are today...

Thats not to say the Republicans didnt contribute, because they certainly did... but since 2 years ago the Congress has had much more power than the President.

Point being... you cant trust any of them.

Put your trust in Jesus. All these things must happen in order for the End to come.

As the Doors sang: This is the end, my only friend... the end...

Krispy

 2008/4/29 7:35
Hosiah
Member



Joined: 2008/4/25
Posts: 11


 Re: Krispy and others.

the reason you're seeing these "signs" are a confluence of several events coming together to make the perfect storm:

1. Peak Oil- even though the price is flirting with $120 a barrel, you're not seeing new production come on-line.

http://www.nytimes.com/2008/04/29/business/worldbusiness/29oil.html?hp=&pagewanted=all

also both the weakness of the dollar, and the Mid-East powder keg are playing a key role in driving the price even higher.

2. Massive drought in Australia, multi year drought. Australia is(was) one the leading exporters of wheat. The world-wide supply/demand margin has been razor-thin for years now, with Australia out of the mix......also we grew a record crop of field corn last year, 13.1 billion bushels, but whereas corn would be trading at 1.00 to 1.50 a bushel given this crop, its trading at record prices between 5.50 and $6 a bushel. Why? because of the enormous demand for ethanol, instead of putting this corn into cattle and hogs, or making corn syrup, we're a lot of corn into our gas tanks.

World Ag Supply and Demand
http://www.usda.gov/oce/commodity/wasde/


US agriculture stat's
http://www.nass.usda.gov/index.asp

Not to mention the fact, in 07, farmers took acreage OUT of soybeans and wheat, and put it into corn. '08 is different, the farmers planted more bean and wheat acreage and took it out of corn. The futures markets are so volatile a farmer cant even hedge his crop anymore, not to mention the fact, that most of his "inputs", fertilizer, are petroleum based. If we have weather disruptions in the US this growing season, hold on, it will get worse.

3. India and China-if you read the above article, we now have about a billion more people in those countries enjoying a "middle class" existence, and they want to drive cars and eat beef too......AND rice.

4. The dollar, thanks to the disaster of subprime mortgages, the Federal Reserve has been using the printing press to make more dollars to provide liquidity, ie bailing out Bear Stearns. (which was smart, short term, if Bear failed, we could have faced a real panic and meltdown in the financial markets) So, when you increase the supply of something, paper dollars, their value is going to go down. The whole oil market is priced in dollars, and there is a move afoot to switch to Euro's. Which could happen. Remember there was a day when the British Pound was the world currency. The war in Iraq isnt helping either. The govt can throw $600 to an individual or $1200 to a family, and they the word that they send out is "spend spend spend!", but most people will pay down debt, or save. Point being, the average American does NOT save, we are taught to consume.

But Jesus Christ our Lord and God the Father also gave us wisdom, and encourages us via the Holy Spirit, not to fear. and in that spirit, let me put a website that has been of great value to me. Before I put it up, let me say that the man who runs it, James Wesley Rawles, is a born-again Christian who loves the Lord, a God fearing man, and a good man, not some weirdo spewing race hate or weird doctrine, just good solid advice on preparing for any contigency.

www.survivalblog.com

in the section, categories, you will find one "Christianity", you will also find another "Charity". Jim believes that even if times get rough, we should not lose who we ARE in the Lord. on this webiste,there are many many great resources for making preparations, if things get ugly.....

Krispy, Jim has an Army background, and says what you say, to which I agree 110%;

put your trust in Jesus, but some wisdom and preparation are in order too. (btw, Jim is a big proponent of the home-schooling movement.

The Lord bless you and keep you,
Hosiah

 2008/4/29 10:55Profile









 Re:

Quote:
put your trust in Jesus, but some wisdom and preparation are in order too.



Oh absolutely... I'm not a defeatist. We have to be wise and understand that things will get better. The Bible predicts that. But it will get better under the leadership of the anti-Christ. At least for a short season.

In order for all that to happen, things have to get pretty bad first, otherwise the anti-Christ will not appear as a Saviour but as just another dude with ideas.

But there is a practical side to all this. Like the Boy Scouts say: Be Prepared.

When our tax "rebate" check comes my wife already has a list of things she is going to be buying. Unlike most Americans, who will buy a plasma TV with it... we're going to buy flour and things like that that we can either store or freeze.

We just need to be smart.

Krispy

 2008/4/29 11:38





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