US rough rice futures on the Chicago Board of Trade fell for the sixth straight day to an eight-month low on Wednesday as global economic turmoil led to fears of recession, traders said. Fears of an economic slowdown, including weaker demand for commodities, weighed on CBOT grains along with financial markets.
The Dow industrials fell 500 points by the CBOT close - then fell more to end down 733 points. Signs of increased global supplies and softer Asian rice prices were also bearish. November rice ended 45-1/2 cents weaker at $15.35 per hundredweight, after falling to $15.31 - the lowest spot price since mid-February.
Benchmark Thai rice price fell 2.9 percent to $660 per tonne, dropping for the fourth week. USDA lowered its weekly world market price for long grain rough rice by 82 cents, to $17.01 per cwt. US rice harvest was nearing completion. USDA reported late Tuesday that 79 percent of the crop was off the field, versus the seasonal pace of 88 percent.
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