US rice futures closed lower on Thursday, weighed down by increasing global rice production. CBOT rice closed 6 to 10 cents per cwt lower, with September down 10 at $16.67 per cwt. Pakistan's rice output may rise 10 percent this year. United States Department of Agriculture said export sales of US rice last week totalled 47,800 tonnes (old-crop/new-crop).
Net old-crop sales at 37,600 tonnes were 65 percent below the 4-week average.