US rice futures on the Chicago Board of Trade closed lower on Wednesday in a profit-taking setback after firm Asian prices drove the spot contract to a fresh 11-month high, traders said. CBOT January rice ended down 1-1/2 cents at $15.41 per hundredweight, after rising to $15.51-1/2, the highest price on a continuous chart since January 2.
A rebound in the US dollar and a sell-off in soybeans, corn and wheat added pressure in rice. USDA's weekly world market price for long-grain rough rice rose to $12.32 per hundredweight, up from $11.66 a week earlier. Thai and Vietnamese rice prices jump after Manila tender. Philippines may buy less at rice tender as prices spike.