The run on rice is threatening to disrupt world food supplies as much as banks' lack of confidence in each other has seen global credit markets dry up.
Workers unload rice imported from Vietnam from a ship docked in Manila. Rice is the staple food for half the world. China, Egypt, Vietnam and India, representing more than a third of global rice exports, curbed sales this year, and Indonesia says it may do the same. The price of rice, the staple food for half the world, rose 2pc to a record $20.910 per 100lbs in Chicago, double the price a year ago and a fivefold increase from 2001. "Rice will gain substantially over the next two years," said Roland Jansen, chief executive of Switzerland-based Mother Earth Investments, which holds 4pc of its $100m funds in the grain.
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