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CBOT rice ends mostly lower despite lower stocks

CHICAGO: Rough rice futures at the Chicago Board of Trade ended mostly lower on Wednesday despite a reduced supply outlook conveyed by the US Department of Agriculture.

CBOT rice settled 4 cents per hundredweight (cwt) higher to 4 lower, with March contracts down 1-1/2 at $5.41, the contract's lowest close since $5.33-1/2 on Dec. 29.

In its latest monthly supply and demand reports released Wednesday, the USDA said it lowered its projection for 1999/2000 ending US rice stocks to 44.6 million cwt from a previous estimate of 49.4 million. Still, the new number was double the ending stocks of 22.1 million cwt for 1998/99.

The USDA also lowered its estimate of the 1999/2000 US rice crop, moving it to 210.5 million cwt from 211.7 million. Estimated exports were held at 82.5 million cwt.

Rice futures volume in Wednesday's pit session was estimated by the CBOT at 300 contracts.-Reuters