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CBOT rice

futures close

CHICAGO: CBOT rice futures closed sharply lower to down the 30 cent per cwt trading limit on spillover pressure from wheat and on hedge selling, traders said.

"There was some hedge selling in here but the collapse in wheat brought in selling here," a trader said.

Massive fund long liquidation knocked the wheat market to limit and near limit declines.

Rice closed 20 to 30 cents per cwt lower, with September down 30 at $8.20 per cwt. -Reuter