I must confess: when I saw the front-page photo in the local Hong Kong newspaper of people hoarding rice, with a headline that shouted, ‘Threats of Curbs on Thai Rice Sends Jitters in Hong Kong,’ my first thought was, “Maybe I should load up on some extra bags of rice, too – just in case.”

Unfortunately, it is this kind of panic mentality that is feeding a rice crisis here in Asia. Soaring prices and the fear of scarcity have prompted not just consumers but also governments to hoard. India, Vietnam, Cambodia and Indonesia have all announced drastic limits on the amount of rice they will export. As these traditional rice exporters tighten their grip on reserves, countries that rely on imports are scrambling to secure supplies.

Continue »