Rice futures continue their climb from late March lows as an organization in the East Indies helps rice farmers inhabiting disappearing islands with a salt-resistant rice variety. Rice futures closed up .035c yesterday trading at $12.145 per cwt at the Chicago Board of Trade.
Farmers in a small disappearing island community called Ghoramara are being reintroduced to one of very few salt-resistant rice varieties that will help them retain their staple food as sea levels continue to rise around their homeland. When salt water would enter the farmers’ rice fields, it would destroy the entire crop and would take three to five years until a rice paddy could be planted again.
“Five years ago I gave seeds for five of the six salt-water resistant varieties of rice to the struggling farmers and instructed them to grow them for seeds. Don’t eat the rice. Save them,” said Asish Ghosh, founder of an environmental organization called ENDEV, The Society for Environment and Development in West Bengal, India, sharing his fundamental assessment of the rice futures market. Ghosh added, “Now ‘countless’ farmers in the Sundarbans are now planting salt-resistant rice.”
Rice futures trend remains “up” with no top yet in sight. Rice futures appears to be climbing to the $12.50 resistance area before a significant pullback could be expected.
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