As it turns out, Costco isn't the only bulk retailer to put a cap on the amount of rice customers can buy at one time. Sam's Club, owned by Wal-Mart, has announced they will also be restricting rice purchases to a maximum of four bags per visit to their stores. The new limit will be enforced at all Sam's Club stores located in areas where quantities can be regulated by law.

U.S. rice futures reached a record high yesterday as news of a potential shortage spread and the hoarders came out in masses to purchase rice. On Wednesday, Costco also requested customers limit the amount of rice they were buying and to avoid stockpiling the rice. Interestingly enough there seem to be some contradictory facts; the original article from NBC11 did not specify any specific type of rice, however it is actually basmati, jasmine and and long grain white rice that are rumored to face shortages, and those types of rice are the ones retailers are putting caps on. One expert claims long and medium grain rice crops in the U.S. are the largest they have been and production of those rices is steady. The flurry of activity regarding purchase limits is only on rices that are exported from countries such as India and Vietnam.

The demand for these rices is believed to stem from the media reports of shortages, however there is no denying the cost of rice is increasing rapidly, having already gone up 70 per cent since the beginning of this year. Some experts believe it is the media attention that is driving the demand, hinting that the situation may be overblown.

Tim Johnson, president-CEO of California Rice Commission, which represents growers and millers of rice in the state, said Tuesday: "Bottom line, there is no rice shortage in the United States. We have supplies."

» USA Today