The mood seems to be lifting. A more optimistic tone in the Sunday papers…a prod of encouragement from the Bank of England…and now global equities are surging.

The food crisis, caused by a spike in staple food prices, has prompted the president of Thailand to try to create a rice cartel.

This from The New York Times:

The prime minister of Thailand, Samak Sundaravej, said Wednesday that his government would try to create a cartel of rice-producing countries in partnership with Vietnam, Cambodia, Myanmar and Laos.

As investors search for a suitable rice ETF or commodities ETF to profit from rising food prices, news from Vietnam shows that the food crisis is from over.

According to Reuters: “Vietnam acted to quell panic over rice supplies on Monday, banning speculation in the market after a ‘chaotic’ buying binge in the Southeast Asian nation highlighted growing global fears about food security.

The move comes as protests spread through Africa over rising food prices, which aid experts have warned threaten to starve 100 people.

With the run on rice in the US in full swing and sky high rice prices still grabbing the the headlines, investors are looking for a rice ETF to profit from the situation.

Unfortunately, there is still no specific ETF for rice. But that doesn’t mean there aren’t any commodities ETFs to help investors profit from the rise in rice and grain prices.

“Commodity service-providers have launched a blizzard of commodities ETFs over the last 12 months,” says Eric Roseman in the Offshore A-Letter.

Rice prices have hit fresh records after World Bank officials said Thailand, the largest exporter of the grain, may restrict exports, worsening the global food crisis.

The price of rice, which has doubled in the past year, jumped 2.3% in Chicago today.

“Soft commodities are now the best-performing sub-set of the commodity bull market,” says Eric Roseman in the Offshore A-Letter.