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A rice glut that sent prices slumping more than a year ago is shrinking, just as El Nino arrives to parch paddies across Asia.
Researchers suspect steady rains and other factors may be responsible for a drop in a tiny bug’s infestation of a grain crop so far this year.
The drop in soybean oil prices shrank its premium over processed palm olein to $50/ton. That spread needs to bounce back to $70 for palm to regain market share.
The NDSU scientists are focusing on using oilseed from agricultural crops, cellulose, lignin and sucrose to generate building blocks of molecules that are made into polymers to create plastics.
Oat futures for delivery in March fell 1 percent to close at $3.09 a bushel at 1:15 p.m.
U.S. Customs and Border Protection said Wednesday that the 43,000 pound shipment of rice from Pakistan was infested with Khapra beetle larvae. Authorities say only dead larvae were found.