Rice futures tumbled for the fourth straight day Thursday on news reports that the United States would not object to Japan selling its imported U.S. rice to other countries.
The United States is considering allowing Japan to sell its stockpiled imported U.S. rice on the global market in an effort to curb rising prices, Agence France-Presse reported on Thursday, quoting an unnamed U.S. official.
Under the rules of the World Trade Organization, Japan can't export its U.S. imported rice without American acquiescence.
Rough rice for July delivery fell $1.04, or 4.8%, to $20.45 per 100 pounds in morning trading on the Chicago Board of Trade. Rice has fallen about $4 in three weeks....MORE