US rice futures on the Chicago Board of Trade fell nearly 3 percent on Wednesday after the US Department of Agriculture forecast a larger-than-expected increase in 2010 plantings, traders said. Contract lows hit in all months. CBOT May ended down 36 cents at $12.21-1/2 per cwt after falling to $12.12-1/2, lowest spot price in nine months. Spillover weakness noted from corn, soybeans and wheat.
USDA projected US 2010 rice seedings at 3.411 million acres, up 9 percent from 2009. Trade was expecting an increase of around 4 percent. USDA lowered its weekly world market price for long-grain rough rice to $10.73 per cwt, from $10.87 a week ago. Asian rice prices little changed due to government intervention.