Rice Takes Out December 2009 Highs, Next Stop: $20, As China Distributes Fake Plastic Rice

by Tyler Durden
02/03/2011 11:52 -0500

And so the tide rising all commodities keeps coming: rough rice has just passed its December 2009 high and is now at its highest since October 2008. When we predicted on Monday morning that "rice is next", little did we think that it would be up by 11% in 4 days. And with this important resistance level broken, it is smooth sailing to the next two resistance levels of $20 and $24. Of course, Bangladesh will be in flames long before any of those are hit. But a speculator has to eat, right. After all, none of this is Gen Ben's fault.


Long-term Rice:

And Rice since Monday:

And for those curious how China is dealing with multi year rice price highs, here is a tip, via Very Vietnam:

Fake Plastic Rice from China

According to the Korean-language “Weekly Hong Kongâ€