Rice Jumps to Highest Since 2008

Rice Jumps to Highest Since 2008
Rice for September delivery added 24 cents, or 1.4 percent, to $16.93 per 100 pounds

chaingrai, chiang rai news

Rice for September delivery added 24 cents, or 1.4 percent, to $ 16.93 per 100 pounds after touching $ 17.07. Grain prices rose the most concern to farmers guarantee Thailand, boot up, increase the costs of export and import demand strengthens.

Warranty rice

Indonesia, rice consumption third, plans to import a second year to increase stocks by 33 percent to 2 million tons, Trade Minister Mari Pangestu said yesterday. Incoming Yingluck Shinawatra Thai leader won a poll of 03 July, in part by promising to raise the guaranteed price for farmers.

The “promise to buy rice at higher prices will likely push prices higher,” said Nirguna Tiruchelvam, an analyst at Standard Chartered Bank in Singapore, by phone today. Demand for imports from Indonesia and the threats to production in the U.S. “We also put more pressure on prices.”

Wheat for September delivery fell 2.75 cents, or 0.4 percent, to $ 7.1175 a bushel. The grain rose 12 percent in two sessions before today. Milling wheat for November delivery traded on NYSE Liffe Paris dropped € 1.75, or 0.9 percent to € 199.25 ($ 282) per metric ton.

Corn for December delivery gained 3.25 cents, or 0.5 percent, to $ 6.83 a bushel in Chicago.

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