The Rice Fields of Issan 

Rice could be even more volatile, since governments in many nations -- including across Asia's "rice bowl" -- consider rice not just a staple, but a national security priority.

What makes rice supply/demand special is that almost all of the crop is consumed where it is grown. Only six per cent of world rice is exported, compared with 17 per cent for wheat, the other main food grain.

"The largest producing countries in the world of rice and wheat are India and China, who are also the largest consumers. So if you get a hiccup in either of those countries, the game is over," Papanos said.

In general, supply worries have haunted world grain markets for the past year. Rising population coupled with booming demand for grain-based fuels like ethanol have fed worries about shrinking acreage devoted to food and feed grains.

Discouraged by slumping Wall Street stocks, a flood of "hot" speculative money has inflated grain futures. It now seems like rice has moved centre stage for speculators.

Key in coming weeks will be the impact of weather on crops in Thailand and Vietnam, which together account for half of all world rice exports.