Rice Caps Biggest Weekly Gain Since 2009 on World Supply Concern
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Rice futures rose, capping the biggest weekly gain since 2009, on concern that global demand will outpace supplies as adverse weather cuts production in Asia and the U.S.
The main crop in Thailand, the world’s biggest exporter, may drop 7 percent this year after floods, according to the country’s agriculture minister. The United Nations this week cut its global-output forecast. The quality of rice from Arkansas, the biggest U.S. producing state, has deteriorated because of dry weather, said Milo Hamilton, the president of Firstgrain.com, an advisory service in Austin, Texas.