Rice rose for a 13th day in Chicago, the longest winning streak since at least 1989, after the Philippines said storms caused 523,013 metric tons of crop losses.
The Philippines, the world’s biggest rice buyer, last year produced 9.8 million tons of the grain and imported 2.2 million tons, according to data from the U.S. Department of Agriculture. Rice has added 17 percent since Oct. 11, the last time futures fell. The current streak of gains is the longest for data compiled by Bloomberg going back to 1989.
Rough rice for January delivery climbed 7.5 cents, or 0.5 percent, to $15.245 per 100 pounds at 1:13 p.m. London time on the Chicago Board of Trade, the highest price for the most- active contract since Jan. 4. The grain has jumped 57 percent since the end of June as hot weather in the U.S., last year’s fourth-largest exporter, curbed production. (more)
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