World rice stockpiles hit as yields drop

Global rice stockpiles have plummeted because of poor crop yields, raising fears of upheaval in international grain markets ahead of the World Food Summit in the Italian capital next month.

Sharp increases in rice prices since last year have hit consumers across the world, especially in Asia and the Americas, the Food and Agriculture Organization said. Whole communities depend on the grain as their staple food or as an important ingredient, as in Asian American communities.

Amid warnings of another surge in rice prices, after the runaway inflation triggered by shortages or export cuts in 2008, FAO experts are citing sharp reductions in the stockpiles of the grain held by the five leading exporters -- the United States, Vietnam, Thailand, Pakistan and India. (more)