Nov. 16 (Bloomberg) -- Rice prices have nowhere to go but up as drought in India and cyclones in the Philippines cripple harvests, according to the worlds biggest importer and the top exporter.
Rice may double to more than $1,000 a metric ton as dry El Nino weather shrinks output and the Philippines and India boost imports, said Sarunyu Jeamsinkul, the deputy managing director at Asia Golden Rice Ltd. in Thailand, the largest exporting nation. Prices wont peak until March, said Rex Estoperez, a spokesman for the National Food Authority of the Philippines, the biggest importer. The agency issued a record tender for 600,000 tons last week and today called for bids for the same volume on Dec. 8 to secure grain before prices rise.
Anyone got any contacts or info on buying rice in bulk, i'm looking at about 120-200kg of it, maybe more if it's a good price and quality rice.
I usually by my rice from Costco but it's shot up and there's a group of people i know trying to get hold of some for food storage so we could all buy in bulk whihc will hopefully reduce costs for everyone.
Thought and advice appreciated