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Rough rice futures on the Chicago Board of Trade settled higher on Friday, led by strength in other commodities, as a US government rescue plan eased concerns about the financial sector, traders said. November rice settled 41 cents higher at $19.21 per hundredweight; back months ended up 37 to 40-1/2 cents. November rose the daily limit of 50 cents before easing.
CBOT corn, wheat, soybeans rallied, along with NYMEX crude oil. Additional support stemmed from US harvest delays that kept cash markets firm after recent tropical rains saturated rice areas in the Southeast. Producers in Arkansas were trying to get in their fields, but damp soil continued to stall field work in some areas, one rice broker said. Yield reports were scarce as a result.
USDA pegged US rice harvesting at 25 percent complete by September 14, behind the five-year average of 41 percent. Rains bring disease threat to Punjab cotton, rice crops. Japan to resume a tender for imported rice soon. Halted this week due to scandal involving tainted rice fed to hospital patients and schoolchildren.

Copyright Reuters, 2008

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