Rice prices continue to rise dramatically, as we reported on November 3. BNN had two segments on rice today.
- Rice is The world's most important food commodity- Rice one of the most heavily subsidized and protected commodities in the U.S., which leads to higher prices for Americans
- Producers are organized and have trade groups and lobbies
- We should get rid of these programs for the good of the world, unfortunately politics gets in the way
In 2006 the Cato Institute's Daniel Griswold wrote about the hidden costs of U.S. rice subsidies, and how U.S. policies often drive the price for rice lower. BNN interviewed Daniel Griswold, director, centre for trade policy studies, Cato Institute, why he stands by those views today. Watch video 1
"Rice prices are on the rise after a typhoon in the Philippines and speculation that India will be allowing major imports of rice for the first time in decades. BNN spoke with Ali Bilgen, president, A&BB Rice, a company that provides Canada with 60% of its rice, to find out where prices are heading.
Another way is to use the rice futures. INO chart showing buy and sell alerts):