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Wednesday, April 23, 2008

Rice Purchases Restricted at Sam's Club, Costco

Wal-Mart Stores Inc.'s Sam's Club warehouse unit is restricting purchases of some types of rice to four bags a visit as prices reached a record in Chicago futures trading. The limits on jasmine, basmati and long-grain white rice, a response to "recent supply and demand trends,'' will be put into effect in all U.S. stores where allowed by law and are effective immediately. Some of Costco Wholesale Corp.'s stores, including locations in California, have put limits on sales of rice and flour, Chief Executive Officer James Sinegal told Reuters yesterday. Consumers have started hoarding rice, the food staple for half the world, as prices soar and supplies shrink. China, Vietnam, India and Egypt have curbed sales abroad to safeguard domestic supplies and cool inflation. Thailand also may restrict shipments, a World Bank official said today. More here.

posted by CASFS 2006 @ 10:58 PM

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