Japan Rice Futures Surge 40%, Trigger Circuit Breaker On Concerns Fukushima Radiation Will Destroy Crops
by Tyler Durden
70 years after rice futures trading was halted on the Tokyo Grain Exchange, it was finally reopened today… only to be halted immediately. The reason: concerns that Fukushima radiation would destroy rice crops and collapse supply sent the contract price soaring from the reference price of Y13,500 to a ridiculous Y18,500 at which point it was halted. Note the tick chart below which puts any of our own stupid vacuum tube-induced HFT algos to outright shame. That said, the move should not come as a surprise at least to our readers after we predicted the day Fukushima blew up (and even before) that very soon rice prices would surge to record highs. Little by little, that realization is dawning on everyone.