April 17 (Bloomberg) -- Rice futures in Chicago soared for a fourth day, reaching a record as Turkey and the Philippines seek to buy the grain amid dwindling global supplies. Wheat, corn and soybeans gained.

Rice doubled in the past year after countries including Vietnam, China, Egypt and India curbed exports to meet domestic demand. The Philippines received offers for 325,750 metric tons in a tender today, less than its 500,000-ton target. The country, which plans another tender in May, may raise the amount sought next month by 100,000 tons to 600,000 tons.

``Some importers, especially in Southeast Asia, are feeling pinched as supplies are very tight,'' Shuji Sugata, research manager at Mitsubishi Corp. Futures & Securities Ltd. in Tokyo, said by phone today. ``Anything related to buying tenders can easily lift the rice price as the market is very thin.''

Rough rice for May delivery rose as much as 57 cents, or 2.5 percent, to $23.12 per 100 pounds in after-hours electronic trading on the Chicago Board of Trade and stood at $23.02 as of 12:10 p.m. local London time. Rice for July delivery was up 2.2 percent at $23.375 after touching $23.435.

Turkey will abolish import duties on rice to counter speculation that has pushed prices up in recent weeks, Agriculture Minister Mehdi Eker said today. Turkey's State Grain Board has permission from the government to import as much as 180,000 tons of rice.

The Philippines is intensifying efforts to crack down on rice hoarding. The government is targeting ``unscrupulous traders together with their accomplices in the bureaucracy,'' President Gloria Arroyo said April 15.

Planting Delay

Concern over the delay in U.S. rice crop planting has lent support to the market. Just 14 percent of the crop was sown in the six biggest U.S. rice-growing states as of April 13, compared with 28 percent a year earlier, the U.S. Department of Agriculture said April 14. The U.S. is the third-largest rice- exporting country.

Rice exports from Thailand, the world's biggest supplier, rose 66 percent to 3.26 million tons in the first quarter from a year earlier as the price rose to a record, according to Commerce Minister Mingkwan Sangsuwan.

Still, for the full year, Thailand aims to export about 9 million tons, he said. That's in line both with an April forecast from Mingkwan for shipments of as much as 9.5 million tons and last year's total exports of 9.55 million tons.

``Compared with other grains, rice is the latest one to join the commodities rally,'' said Hiroyuki Kikukawa, an analyst at IDO Securities in Tokyo.

Wheat Advances

Wheat for July delivery advanced as much as 14.5 cents, or 1.5 percent, to $9.535 a bushel and traded at $9.525 as of 12:13 p.m. Wheat, which reached a record $13.495 on Feb. 27, has almost doubled after adverse weather curbed production in the U.S., Canada and Australia.

Milling wheat for May delivery in Paris rose 2 euros, or 0.9 percent, to 228 euros ($363) a ton as of 1:20 p.m. local time.

In the export market, South Korea is seeking to buy 22,000 tons of U.S. wheat today. Japan bought 88,000 tons of wheat today, including 42,000 tons from the U.S., and plans to buy another 12,885 tons tomorrow.

Kazakhstan's ban on wheat exports comes into effect in 10 days after it was published today in the government's official newspaper. Kazakhstan, the world's sixth-largest wheat exporter last year, is stopping exports of the grain until at least Sept. 1 in a bid to control domestic prices for bread and other food.

Corn Gains

Corn and soybeans gained as crude oil rose to a record, boosting speculation demand for biofuels made from both crops may increase.

Corn for May delivery rose as much as 5.75 cents, or close to 1 percent, to $6.0925 a bushel and traded at $6.08 as of 12:16 p.m. in London. The contract reached a record $6.16 on April 9. The grain for July delivery contract was up 3.75 cents at $6.2075 a bushel.

Soybeans for July delivery gained as much as 18 cents, or 1.3 percent, to $13.79 a bushel and last traded at $13.775. Soybeans, which touched an all-time high of $15.8625 on March 3, lost 2.6 percent yesterday on speculation a slow start to U.S. corn planting may spur farmers to shift to the oilseed.

To contact the reporter for this story: Jae Hur in Singapore at jhur1@bloomberg.net

Last Updated: April 17, 2008 07:43 EDT