Some major retailers have even begun to ration rice, NBC Correspondent Noelle Walker reported. Experts said a shortage in Asia and a drought in Australia are beginning to affect other parts of the world, including the United States.
Some of the largest rice exporters have restricted exports.
I noticed this at Sam's club yesterday.
Yet apparently the U.S. paid farmers not to grow rice last year.
Imagine, then, that our federal government paid hundreds of millions of dollars in 2006 to keep farmers from growing rice -- $218 million in Arkansas alone, according to this story.
I guess now the issue is whether we did not see this coming or we did not see the speculation coming.
The whole rice issue comes along with a rapid rise in food prices in general