Rice Experts Expect High Prices For 2009
13 January 2009 The Manila, Philippines-based International Rice Research Institute expects rice prices to rise again in 2009 for the second year in a row, reports AFP. The institute expects tough credit restrictions worldwide to make it hard for farmers to get needed cash to purchase essentials like seeds and fertilizer. Additionally, the globally down economy may increase demand for rice in developing nations as falling income levels force people to return to less expensive foods while rice stocks at historic low levels contribute to the price volatility.
"Price volatility will remain high," says the institute, adding that even farmers with cash "will likely play safe and reduce input for their 2009 crops."
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