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CBOT rice up after setting new high
CHICAGO , Chicago Board of Trade rough rice ended higher on Friday after speculative buying triggered chart buy stops, sending several contracts to new highs, traders said.
CBOT rough rice futures ended on Friday up 11 to 15 cents per cwt, with September up 12 cents at $7.87 and November up 14-1/2 cents at $7.91-1/2.
"We closed on the contract highs after light stops were triggered," one CBOT rice trader said. "And we have harvest pressure overhanging the market.
Typically I would expect sales late in the day during the pre-harvest time."
Harvest in Arkansas, the top US rice producing state accelerates in late August, while the prime harvest season for the rest of the US rice crop is a little later, brokers said.
CBOT traders also noted that CBOT rice options traders were sellers of CBOT rice futures after buying call options.
Man Financial sold November $8.20 call options and ADM Investor Services bought September $6.80 call options, a trader noted.
CBOT September rice set a new contract high of $7.88 per cwt; November made a new high of $7.92; and January 2004 set a new contract high of $8.03 per cwt.
CBOT rice futures set contract highs in late July after the US Department of Agriculture on July 11 lowered its 2003/04 (new-crop) US rice production estimate to 195 million hundredweight from its June estimate of 199 million cwt.
USDA also on July 11 estimated 2003/04 US ending rice stocks of 17.5 million cwt, well below the 2002/03 US rice endstocks estimate of 20.7 million cwt.
The USDA will issue new crop estimates on Tuesday, and traders eyed the possibility of more bullish data.
Estimated CBOT rough rice futures volume on Friday totalled 694 contracts, compared with 234 lots traded on Thursday.
Options trade was 184 contracts.
MGR Archive 11.8.2003
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Russia Rapan $ 700
USA Jupiter Rice $630
USA Calrose #1 $830
USA Calrose #1 Paddy $480
EU Prices Baldo €660
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