Apr 8, 2020 - Economy & Business

Rice prices hit 7-year high as supply dwindles from coronavirus demand

Dion Rabouin, author of Markets
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Data: FactSet; Chart: Axios Visuals

Increased demand and export disruptions as a result of the coronavirus outbreak have sent the price of rice sky high in recent weeks.

By the numbers: Rough rice futures tracked on the Chicago Mercantile Exchange rose to their highest in six years, according to FactSet data.

What's happening: Rerouted global supply chains and travel bans in many large Asian countries are adding to the cost of rice delivery, while local populations have been stocking up on the food staple, driving demand higher while constraining supply.

Go deeper: Fixing America's broken coronavirus supply chain

Go deeper

Trump backs off push to federalize forces against riots

Photo: Brendan Smialowski /AFP via Getty Images

A day after threatening to federalize forces to snuff out riots across the country, the president appears to be backing off the idea of invoking the Insurrection Act, sources familiar with his plans tell Axios.

What we're hearing: Aides say he hasn’t ruled out its use at some point, but that he's “pleased” with the way protests were handled last night (apart from in New York City, as he indicated on Twitter today) — and that for now he's satisfied with leaving the crackdown to states through local law enforcement and the National Guard.

Updated 2 hours ago - Politics & Policy

Updates: George Floyd protests continue for 8th day

Police officers wearing riot gear push back demonstrators outside of the White House on Monday. Photo: Jose Luis Magana/AFP via Getty Images

Protests over the death of George Floyd and other police-related killings of black people continued Tuesday across the U.S. for the eighth consecutive day, prompting a federal response from the National Guard, Immigration and Customs Enforcement and Customs and Border Protection.

The latest: The National Park Service said in a statement Tuesday that while it "is committed to the peaceful expression of First Amendment rights," it "cannot tolerate violence to citizens or officers or damage to our nation’s resources that we are entrusted to protect."

American carnage

Protesters race up a hill to avoid tear gas in Philadelphia, June 1. Photo: Mark Makela/Getty Images

The list of victims has swiftly grown since George Floyd died in police custody just eight days ago.

The big picture: Protests against police brutality have turned into a showcase of police brutality, with tear gas and rubber bullets deployed against crowds. The police have the arsenals at their disposal, but we're also seeing law enforcement officers becoming targets.