Skip navigation

Current DateTime: 12:20:48 06 Jul 2009
LinksList Documentid: 24355697
  • Collection of Michael Jackson

      Earlier this year, Jackson sought to auction his personal items. Although it never came through, here's a look at what was almost sold.

  • Recession-Resistant US Cities

      Some cities have been hit much harder than others during the recession. Here are the metro areas faring the best.

  • How Much For A T-Bone Steak?

      From the cost of a T-bone steak to a monthly phone bill, the price for everyday items can vary dramatically across the country.


Current DateTime: 12:20:48 06 Jul 2009
LinksList Documentid: 24890560
  • Boom, Bust and Blame

      The inside story of the economic crisis that has gripped the entire world.

  • E3: Gaming's Cutting Edge

      North America's premier computer and video game trade show draws tens of thousands of professionals to experience the future of interactive entertainment.

  • The Fall of GM

      A look into the fall of General Motors as the automaker heads toward bankruptcy and an effective nationalization.

Five Asian Nations Are Weighing a Rice Cartel
By: Tom Fuller, The New York Times | 01 May 2008 | 09:24 AM ET
Text Size

The prime minister of Thailand, Samak Sundaravej, said Wednesday that his government would try to create a cartel of rice-producing countries in partnership with Vietnam, Cambodia, Myanmar and Laos.

“We don’t aspire to be like OPEC, but we hope to be just a group of five to help each other in trading rice on the world market,” Mr. Samak was quoted as saying in The Nation newspaper.

Governments in Thailand, the world’s largest rice exporter, have for many years toyed with the idea of using their dominant market position to influence the price of rice in the same way that the Organization of the Petroleum Exporting Countries tries to set crude oil prices.

The plan appears to be in a nascent stage. “I think it’s time to do it, probably within the term of this administration,” Noppadon Pattama, Thailand’s foreign minister, said Wednesday.

More from CNBC.com

But if successful, a cartel could have far-reaching consequences on the rice market, sustaining prices at their current historic highs and worsening a food crisis that is hurting Asia’s poorest consumers. The price of Thai B-grade rice, a benchmark variety, has nearly tripled in recent months and is now hovering at about $1,000 a ton.

Maintaining rice prices would please large-scale rice farmers and traders in countries like Thailand and Vietnam, but it would anger places like the Philippines, Singapore and Hong Kong, which rely heavily on imported rice. Plans for the cartel were front-page news in the Philippines on Thursday.

The current ruling coalition in Thailand received the backbone of its support from rural areas, and Mr. Samak appears eager to capitalize on the rice price increase. Thai rice farmers now “have an opportunity,” he said in a recent interview.


Current DateTime: 12:20:48 06 Jul 2009
LinksList Documentid: 22528754

Unlike corn, wheat and other grains that are widely traded globally, only a small number of countries export rice. The largest rice producers, China, India and Indonesia, consume most of their rice crop domestically.

Thanks to a vast, fertile delta, which allows farmers to harvest three or four times a year, Thailand exports about 10 million tons annually, twice as much as Vietnam, the second-largest rice exporter, and three times what the United States exports.

Rice prices rose sharply in March and April after many exporting countries, including Brazil, Egypt, India and Vietnam, announced that they were restricting exports to ensure domestic supplies.

Copyright © 2008 The New York Times
Tools:
Print EmailAdd This share icon


Current DateTime: 11:41:25 06 Jul 2009
LinksList Documentid: 29778428

Current DateTime: 11:26:00 06 Jul 2009
LinksList Documentid: 29779196

Current DateTime: 12:11:29 06 Jul 2009
LinksList Documentid: 29779199

Current DateTime: 01:04:51 06 Jul 2009
LinksList Documentid: 29779198
CNBCCNBC
About CNBC  |  Site Map  |  Privacy Policy  |  Terms of Service  |  Video Reprints  |  Advertise  |  Help  |  Contact
Partners: AOL Money  |  BloggingStocks.com
CNBC is a Division of NBC Universal
  Data is a real-time snapshot *Data is delayed at least 15 minutes
Global Business and Financial News, Stock Quotes, and Market Data and Analysis

© 2009 CNBC, Inc.  All Rights Reserved.
Thomson ReutersThomson Reuters