Sam’s Club puts limit on buying rice

ASSOCIATED PRESS

Sam’s Club, the membership warehouse division of Wal-Mart Stores Inc., is limiting how much rice customers can buy because of what it calls “recent supply and demand trends,” the company said Wednesday

The broader chain of Wal-Mart stores has no plans to limit food purchases, however.

Sam’s Club said it will limit customers to four bags at a time of Jasmine, Basmati and long grain white rice. Rice prices have been hitting record highs recently on worries about tight supplies as part of broader global inflation in food costs.

The warehouse chain caters heavily to small businesses, including restaurants. Spokeswoman Kristy Reed said she could not comment on whether the problem was caused by short supplies or by customers stocking up in anticipation of higher prices.

Sam’s Club’s restriction is effective immediately at all locations where quantity restrictions are allowed by law. It does not apply to other staples such as flour or oil.

Sam’s Club has 593 stores compared to 2,523 Wal-Mart Supercenters that combine a full grocery section with general merchandise.

Wal-Mart spokeswoman Deisha Galberth said Wal-Mart stores have no plans for restrictions similar to those at Sam’s Club.

U.S. rice futures soared to an all-time high Wednesday as investors bet that surging world demand will continue to pressure already dwindling stockpiles.