January 29, 2020

Commodity Prices- Food Costs; EU CAP Transparency; Doha

Commodity Prices- Food Costs

Javier Blas, writing yesterday at the Financial Times Online, reported that, “Rice prices surged to a 34-year high yesterday as the Philippines awarded a tender for the staple at an average price of $708 a tonne, up almost 50 per cent from the price it paid in late January.

“The sharp rise reflects a market suffering from tightening supply after important producers India and Vietnam this month both imposed restrictions on rice exports. Supplies from Thailand are also low, traders said.

“The jump in rice prices would exacerbate rising inflation in Asia and risks triggering social unrest, analysts said. The Philippines, one of the world’s biggest rice importers, is particularly exposed.”