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Posted AT 8:20 AM EDT on 05/05/08

Asian rice market plunges into uncertainty ahead of meeting on possible cartel

PAUL ALEXANDER

The Associated Press

MANILA, Philippines — Asia's rice market plunged into uncertainty Monday as the world's biggest importer failed in an attempt to boost its stocks and four rice-exporting nations prepared to discuss a proposed cartel to control the staple grain. Prices have more than tripled this year for the food that many Asians eat with every meal, and costs of other farm products have been skyrocketing, too.

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