Posted AT 7:53 AM EDT on 14/05/08
U.S. rice prices tumble on increased supply outlook
PARIS/SEOUL — U.S. rice prices fell more than 3 per cent in Asian trading on Wednesday, extending an overnight fall on an expected rise in global output this year.
Grain prices were nearly unchanged and soybean futures were firm as oil prices held steady after hitting a new record high near $127 (U.S.) a barrel. High oil prices have raised prospects for stronger demand for soy-based biodiesel and helped the grain cut its losses.
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