Global Rice Crisis Calls For Agriculture Research: IRRI

According to agricultural economists at the Philippines-based International Rice Research Institute (IRRI), Asian governments need to invest in agricultural research as tight supplies of rice persist due to low yields and high population growth.

Global rice prices nearly trebled to a lifetime high above $1,000 PMT in 2008 due to rising demand and export curbs by producing nations, causing importers to scramble in search of scarce supplies.

Thai rice prices, used as the price benchmark in Asia, have come down to around $700 PMT since hitting record highs around $1,000 PMT in April as more grain came into the market, but prices are still far above $300 PMT seen in 2007.