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The loss of rice production in Myanmar is worsening the crisis in world rice markets, where prices have trebled this year. Meanwhile, Japan has 1.5 million tons of surplus rice, most of it imported from the U.S. Releasing this rice to global markets would prick a speculative bubble and bring rice prices down fast, while also encouraging China and Thailand to release their surplus stocks.
But first Washington must lift its objections and Japan must decide to re-export rice that it imported from the U.S., Thailand, and Vietnam. Failure to act would mean that high-quality U.S. rice would be fed to Japanese pigs and chickens while millions of poor people suffer from hunger and malnutrition.
Tom Slayton, a former editor of The Rice Trader, and Peter Timmer, CGD non-resident fellow and visiting professor at Stanford University, explain how prompt action could prevent the rice price crisis from becoming a hunger crisis.