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Rice Gains on Favorable Forecasts

April 3, 2013 at 0:17 by Vladimir Vyun

Rice climbed today on the forecast that planting acreage will shrink in the United States. According to the US Department of Agriculture, US farmers will plant 2.611 million acres in 2013, compared to 2.699 million last year. It would the smallest planted area since 1987.

As for the global prospects of rice, the picture is also favorable as demand is expected to largely outpace supply. Forecasters predict that production will surge 2.4 percent this year. At the same time, consumption will increase just 0.4 percent.

May rice futures advanced $0.09 (0.82 percent) to $15.89 per 100 pounds as of 00:11 GMT on CBOT today.

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