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Corn Price Hits Record High; Rice Price Declines


There is mixed news on food prices Tuesday.

The price of corn rose to a record high in Tuesday's trading on the Chicago Board of Trade while the cost of rice declined from recent highs.

The price spike in corn futures, which went as high as $6.24 a bushel, followed a government report that wet weather was slowing planting in the United States and might hurt yields. The United States is the world's largest corn exporter.

The Bloomberg financial news service reports that U.S. rice prices have fallen about eight percent since hitting a record high of $25.07 for 45 kilogram lots April 24.

The rice price decline followed news that some key rice growing nations like Brazil and Thailand would not restrict their exports, easing concerns about rice supplies.

Thailand says it will be selling some rice on its domestic market from government stockpiles to help ease prices there. The government will also buy rice directly from farmers to replenish stocks and help rural incomes.

Some information for this report was provided by Bloomberg, AP and Reuters.

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