RICE climbed to a record for a fourth day yesterday as the Philippines, the biggest importer, announced plans to buy 1 million tons, and some of the world's largest exporters cut sales to ensure they can feed their own people.
Rice gained 2.4 percent to US$21.50 per 100 pounds in Chicago, double the price a year ago. Philippine President Gloria Arroyo announced two rice tenders yesterday and pledged to crack down on hoarding.
Anyone found guilty of "stealing rice from the people" will be jailed, she said.
"We're in for a tough time," Roland Jansen, chief executive officer of Switzerland-based Mother Earth Investments, told Bloomberg Television from Zurich.
Unless prices decline "you will have huge problems of daily nutrition for half the planet." Mother Earth holds about 4 percent of its US$100 million funds in the grain.
The World Bank in Washington says 33 nations from Mexico to Yemen may face "social unrest" after food and energy costs increased for six consecutive years.
The Philippines, which imports about 15 percent of its rice, is tightening controls over domestic sales and buying more overseas.
Rice seeding in the United States is behind last year's pace because of flooding in growing regions, the Department of Agriculture said. Farmers in six states have planted 11 percent of their crop versus 21 percent a year earlier.