ABSTRACT
The world rice market ran amok in late 2007 and 2008. Prices spiralled as exporters restricted supplies to the market in order to protect their own consumers from shortages. Importers scrambled for supplies to stabilize their own markets. For several months in early 2008 it looked as though historic price levels would be reached even when adjusted for inflation. In the end, additional supplies were located (but not used), the panic subsided, and rice prices fell sharply to the trend they had been on since recovery began from the lows in 2002.
