80 # not enough?
Ken Sweet - FOX Business - April 23, 2008
I thought this was America, land of the plenty. I have a feeling we're not in Kansas anymore. - Ed.
Wal-Mart, the worlds largest retailer, said Wednesday that it would ration the amount of rice each customer can purchase at its Sam's Club warehouse stores because of recent supply and demand trends.
We are limiting the sale of Jasmine, Basmati and Long Grain White Rices to four bags per member visit, the company said in a statement. This is effective immediately in all of our U.S. clubs, where quantity restrictions are allowed by law.
Wal-Mart (WMT: 56.92, +0.37, +0.65%) is the second-major grocer to limit the purchasing of a commodity because of the recent run-up in prices. The company said it is not limiting the purchase of other basic food products like flour or oil.
The price of rice, which is the primary foodstuff for the majority of the human population around the world, rose to $894 a metric ton according to the Thai Rice Exporters Association. Thats compared to the $327.25 a ton average price in the same month last year.