What is Digg?69 Comments
- lucutus, on 04/25/2008, -1/+20IMHO they are trying to stem off stockpiling to prevent a backup in product flow when prices rise. If a lot of their volume customers stockpile a large quantity and then stop buying when prices get much higher than they end up with lots of expensive rice taking up lots of expensive space.
- gl77, on 04/25/2008, -1/+11ehhh, unless you're buying more than 80 lbs of rice, theres no problem for now. it may, however, affect restaurateurs who buy their rice from these places.
- BobMysterioso, on 04/25/2008, -0/+9in the words of digg - Epic Fail.
There is a real serious rice shortage, for poor countries. The cost of rice yesterday traded at a record. This, however, does not really affect most americans, as to go from .25 to .35/lb is hardly an issue. Everything else in the grocery store is going up as well, rice is really the least of your worries. But then the media says food shortage, in AMERICA!!! and everyone goes crazy, and stockpiles. This creates a situation for Costco, where there isn't a shortage at all, but there isn't any on the shelves, so it looks like a shortage. The US makes 2x the rice the US needs, we just export the surplus. IF we needed to, we'd just keep it.
We (in the US) are in no danger of a rice shortage, but developing poor countries certainly are. - nihilite, on 04/25/2008, -0/+7I have not noticed any beneficial preservation so far. I'll keep you updated.
- nullvector, on 04/25/2008, -2/+9This is what happens when the media facilitates the role of "Chicken Little"
"OMG oil is high, end of the world!" "OMG rice!!! eeeaahhhh"....
Food prices rise and fall, but don't analyze every change in any commodity to mean that doomsday is ahead. - DavidTTT, on 04/25/2008, -0/+6OMG We our running out of rice? I dont eat rice but i need 40 bags of it now.
- mciampa1214, on 04/25/2008, -0/+6"USA rice federation" wow that sounds like a wicked cool club
- matamoris, on 04/25/2008, -0/+6this is all *****. it's nothing but a marketing move. there is no rice shortage in the US.
- nihilite, on 04/25/2008, -1/+6save us the trouble and kick your own ass.
- designer, on 04/25/2008, -1/+6Thanks ethanol.
- mlvassallo, on 04/25/2008, -0/+4Because overweight Americans are eating so much rice...
- mrmagenta, on 04/25/2008, -3/+7wow... really?
- saxreturns, on 04/25/2008, -1/+5Yes, that's what I meant. Maybe I was misunderstood. Corn continues to be abundant in the US because it's heavily subsidised, that's what I was sighing at.
- lucutus, on 04/25/2008, -0/+4China is pretty big.
- punkcat, on 04/25/2008, -0/+4there isnt a shortage. dunno why people are digging this crap.
RECCESSION: apple limits iPhone purchases to 4 per customer. - muchachoburacho, on 04/25/2008, -0/+4There was already a fear and people were buying a lot of rice. An 80 pound limit folks? this is a non story.
- Steinr, on 04/25/2008, -1/+4Food prices are messed up at the moment. I hope that this will be handled better than the financial crisis.
- Touchdown, on 04/25/2008, -0/+3Good think you can still get a Polish Dog and a Coke (free refills) for $1.49 at Costco!
- inactive, on 04/25/2008, -0/+3You all can blame me for the shortage. We bought 8 bags last weekend causing all the news hysteria. I'm sorry.
- diggduggjoe, on 04/25/2008, -0/+3The financial market problem is part of this. The feds bailing out the bad debt pushes more cash into the system creating high inflation. The government offers tax rebates and balloons our national debt. The war doesn't help, either. When they bail out all the losers who bought into the scam, it will get ugly. Don't worry, though, the WSJ suggest we just need ot hoard food to prevent inflation from cutting into our savings. Wow, the US is now a 3rd World nation. Awesome!
- edebolt, on 04/25/2008, -3/+6Oh my god overweight Americans might be in danger of losing a few pounds. Insist on Martial Law immediately to prevent this from happening.
- gl77, on 04/25/2008, -1/+4http://www.costco.com/Common/Category.aspx?cat=205 ...
they also have a nice little FAQ about the caskets they sell.
"THERE IS NO SCIENTIFIC OR OTHER EVIDENCE THAT ANY CASKET WITH A SEALING DEVICE WILL PRESERVE HUMAN REMAINS" - saigumi, on 04/25/2008, -1/+4Your right, there isn't. The US planted 15,000 more arces of corn than it did last year and only used 1,000 of those for ethanol.
http://www.vanahnco.com/commodities/cropreport/Cro ... - salinemist, on 04/25/2008, -1/+4Don't worry, government caused the problem and government will fix it!
- aaron4, on 04/25/2008, -0/+2your supposed to eat that stuff? i was going to use it to build a castle made out of bags of rice.
- bimtott, on 04/25/2008, -0/+2Still doesn't make corn ethanol a good idea
- gazzigger, on 04/25/2008, -0/+2How many more times am I going to see this story on the front page?
- matthewf01, on 04/25/2008, -0/+2MMM SO GOOD
- OwdenBowden, on 04/25/2008, -1/+3They sell everything in bulk and that is the quagmire. If they are a bulk purchase store and they do not allow you to bulk purchase rice then why do you have to pay your membership?
- lorductape, on 04/25/2008, -3/+5Costco sells caskets in bulk...
- gl77, on 04/25/2008, -0/+2yes. yes they do, but only on their website i think.
- inactive, on 04/25/2008, -0/+2Sweet! These anti-gouging laws are cool! I love it that artificial shortages are created because the prices aren't allowed to rise because of anti-gouging laws!
Would someone mind telling me at what price is it gouging? I can't seem to find an equation or anything. - bdbr, on 04/25/2008, -0/+2My wife is Korean, and her friends have been talking about how worried they are regarding prices of rice; some of them have already started stockpiling. They eat rice every meal, so pretty much all of them buy the 40-pound bags at Costco. Its just mob mania fueled by TV news.
- robbiedo, on 04/25/2008, -0/+1Costco sells high quality Basmati and Jasmine rice in bulk at the lowest price you can buy as an end consumer. They even sell a wonderful 10 lb bag of Brown Basmati for $10. This is not basic California long grain.
Costco is well known for selling higher quality goods at warehouse prices. - robbiedo, on 04/25/2008, -0/+1It depends how you ship it, and the time frame.
- JebBlack, on 04/25/2008, -0/+1I was at the market yesterday and the shelves were full of rice there. I almost bought two boxes and then it hit me....The news is corrupting my mind.
- inactive, on 04/25/2008, -0/+1Precisely, shouldn't they just raise the price. Last I checked, rice isn't a staple in the US so raising the price should lower the demand...... at least if you believe the Economics 101 lessons.
- lamiaconfitor, on 04/25/2008, -0/+1there isn't one in America, we have tons but people in other countries are suffering a shortage. I don't know why costco and walmart are responding... unless they are donating it to the freerice program.
- inactive, on 04/30/2008, -0/+1If only the world got off rice and on to the supersized junk food meals sold at fast food joints. Then the world would be a better place.
- muchachoburacho, on 04/25/2008, -0/+1welcome to economics, the price will go up and so the demand will fall.
- inactive, on 04/25/2008, -0/+1The problem really is people are buying rice at the bulk stores (costco, sam's) and then they're sending it overseas or elsewhere. It's one thing to buy some bags of rice for yourself but to have some ass roll in and buy a pallet to send back to the Philippines is ludicrous. Australia and those rice growing areas are in a drought still so rice there is in very short supply and those cultures are heavy rice eaters.
- Arthere, on 03/20/2009, -0/+1But i love my fried rice :(
http://www.creditcardassociate.com/sams-club.html - mal1964, on 04/25/2008, -1/+2With all the talk about food shortages, If you put a limit on a product it can create fear with consumers which can cause panic and more sales.
- bdbr, on 04/25/2008, -0/+1Source? My wife ships small things to Korea and it costs a bundle; big bags of rice would be insanely expensive.
- liuite, on 04/25/2008, -1/+2if you belong to Costo or Sams you probably eat too much anyway... ban HFCS and stop the corn ethanol subsidy!
- Plastic3D, on 04/25/2008, -0/+1Once the rice is boiled and infused with water, the price has risen from 20 cents/ pound to 25 cents! How are we going to survive?!
- trollick, on 04/25/2008, -0/+1So, how many huge Costco rice bags does an average person needs per day?
- mal1964, on 04/25/2008, -1/+2Walmart must be able to make more money, Or they wouldn't be doing it.
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