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Japan rice future market jumps 40% in a day because of radiation fears

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posted on Aug, 7 2011 @ 11:43 PM
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Japan Rice Futures Surge 40%, Trigger Circuit Breaker On Concerns Fukushima Radiation Will Destroy Crops

70 years after rice futures trading was halted on the Tokyo Grain Exchange, it was finally reopened today... only to be halted immediately. The reason: concerns that Fukushima radiation would destroy rice crops and collapse supply sent the contract price soaring from the reference price of Y13,500 to a ridiculous Y18,500 at which point it was halted.


Finally facing the reality of Fukushima...

Well the food riots are close. After all, they basically eat rice with every meal... if rice becomes scarce or too expensive, there's gonna be hell to pay.

The Japanese people are a very polite society, but starve anyone out and they'll go nuts... especially if they are parents and they can't feed their kids.
edit on 7-8-2011 by Vitchilo because: (no reason given)




posted on Aug, 8 2011 @ 12:25 AM
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Originally posted by Vitchilo

Well the food riots are close. After all, they basically eat rice with every meal...


Yep.

8.18 million tons per year.

And the current stockpile of rice harvested before Fukushima is only 11 million tons!

That means that in a short 15 months or so: panic time!

...Japan has faced serious rice shortages before. Fortunately, rice is the kind of thing that will keep for quite a long time. Not only does the government keep a stockpile, private business keeps one as well. When the food shortages hit my town back in March-April, I went down to my local rice shop - and they assured me that they had enough rice warehoused in town to keep their business floating for at least 6 months without any new shipments - and that was after the panic buyers had been through.

Japan will get through this without rioting.



posted on Aug, 8 2011 @ 12:34 AM
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reply to post by vox2442
 


Well thanks for your input. I hope you are right. I love Japan. Keep safe!



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