Rice futures fall slightly as dollar strengthens
Rice futures fell Thursday as a stronger dollar encouraged selling from investors who bought commodities as a hedge against inflation. The dollar ticked higher against the 15-nation euro Thursday after the Commerce Department reported a jump in retail sales, boosted by tax rebate checks. The euro fell to $1.5452, down from $1.5571 in New York late Wednesday. A stronger dollar typically leads investors to sell commodities, which are viewed as hedges against inflation. A rising greenback aslso makes dollar-denominated commodities more expensive for overseas buyers. Rough rice futures for September delivery fell 6.5 cents to $18.69 per 100 pounds on the Chicago Board of Trade, after earlier falling as low as $18.55.
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