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Chicago rice soars as supply fears intensify

SEOUL
Wed May 7, 2008 7:21pm EDT
A man ploughs his field in preparation for planting rice seedlings on a field near Amol, 220 kilometers (136 miles) northeast of Tehran May 6, 2008. REUTERS/Caren Firouz

SEOUL (Reuters) - U.S. rice futures soared by the daily maximum limit of 75 cents in early Asian trade on Thursday as news about cyclone damage in Myanmar continued to get worse, adding to worries about supplies.

U.S. rough rice futures for July delivery RRN8 jumped 75 cents, or 3.5 percent, to $22.35 per hundredweight and the September contract RRU8 rose 73 cents to $20.33.

The cyclone battered five states that account for 65 percent of Myanmar's rice output and a U.S. diplomat said that more than 100,000 people might have been killed in the delta area.

(Reporting by Miyoung Kim; Editing by Alan Raybould)


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