The world's largest rice exporting nation of Thailand is most important than ever before as global food prices reach their highest levels in 20 years with projections that for the first time in recent history, global demand will exceed global supplies.

Rice is an unusual commodity. A staple for two-thirds of the world's population, most is consumed locally and intricately linked to a sense of security and prosperity for many societies in Asia.

Over the past year, India and Vietnam, the world's second and third largest exporters, have blocked exports, as has China, the world's biggest rice consumer. Suddenly Thailand is the only nation with surplus rice available for exports.

Global rice production is falling gradually as farmers are turning to more profitable crops like bio-fuels. With demands exceeding the supplies, rice prices are likely to remain at higher levels with Thailand the key player to world market prices.