Rice prices have hit new records for a fourth consecutive day after the world’s biggest importer of the grain, the Philippines, said it would be forced to buy 1 million tons of the grain to feed its population.

This from Bloomberg:

Rice, the staple food for half the world, rose as much as 2.9 percent to $21.60 per 100 pounds in Chicago, before paring gains. The price has doubled in the past year.

It seems like just another Monday. But the world always changes a little over the weekend. And this weekend, we reckon it changed a lot. The Opes story dominates the headlines. But the collapse of margin lending and leverage probably isn’t the biggest story this week. It’s the increase in food and energy prices we have our eye on this week.

Major spikes in rice prices and other staples have kicked off food riots in Yemen and Morocco and hoarding in Hong Kong, reports The Washington Post.

As a result of the price hikes Egypt, Cambodia, India and Vietnam have restricted export restricted the export of rice.