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CBOT rice closes higher

CHICAGO: CBOT rice futures closed higher on a rebound in wheat futures with reports of increased feeding of rice and rice by-products overseas also noted, traders said.

It is cheaper to feed rice to some livestock herds in Asia than corn, a trader said.

Traders said new crop September rice needs to rally above $10.00 per cwt to encourage U.S. farmers to seed rice this year.

Rice closed nine to 18 cents per cwt higher, with May up 18 at $9.70 per cwt.-Reuter