To: TobagoJack who wrote (33713 ) 4/23/2008 4:56:49 PM From: elmatador Respond to of 218620 consumers have started hoarding rice, the food staple for half the world, as supplies shrink. Wal-Mart's Sam's Club Restricts Purchase of Some Rice (Update2) By Cotten Timberlake April 23 (Bloomberg) -- Wal-Mart Stores Inc.'s Sam's Club warehouse unit is restricting the purchase of some rice to four bags a visit because of ``recent supply and demand trends.'' The limits on jasmine, basmati and long-grain white rice will take place in all U.S. stores where allowed by law and are effective immediately, Sam's Club spokeswoman Kristy Reed said today in an e-mailed statement. Some consumers have started hoarding rice, the food staple for half the world, as supplies shrink. Prices have soared as China, Vietnam, India and Egypt curbed sales abroad to safeguard domestic supplies and cool inflation. Thailand also may restrict shipments, a World Bank official said today. ``We are working with our suppliers to address this matter to ensure we are in stock,'' Reed said. The stores aren't limiting purchases of flour or oil, she said. Some of Costco Wholesale Corp.'s stores, including locations in California, have put limits on sales of rice and flour, Chief Executive Officer James Sinegal told Reuters yesterday. Sinegal didn't return a phone call from Bloomberg News seeking comment. Rice futures have more than doubled in the past year. The grain rose as much as 2.7 percent in Chicago today and has climbed 23 percent this month. Wheat, corn and soybeans gained to records this year, spurring social unrest in Haiti and Egypt. The higher commodities prices are also pushing up U.S. food prices and spurring inflation. The consumer price index climbed 0.3 percent in March, after no change in the prior month, the Labor Department said April 16. Inflation, combined with falling home values and mounting job losses, is leading to cutbacks in consumer spending that may push the economy into a recession.