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CBOT rice slips
Reuters
CHICAGO , Chicago Board of Trade rough rice ended lower on Friday on speculative sales and pre-harvest weekend hedge selling, traders said.
CBOT rough rice futures ended down 5 to 7 cents per cwt, with September down 5 cents at $7.30 and November down 7 cents at $7.39.
"The good technical close on Thursday prompted early buying, and then Man Financial bought 150 to 200 November contracts," one CBOT trader said.
"But there was no follow-through above the $7.54 level (in November), and once locals stopped covering shorts, the market broke."
Harvest in Arkansas, the top US rice-producing state, was expected to proceed this weekend after nearly a week of rain delays.
Long grain rice is grown mostly in the southern United States, with Arkansas and Louisiana projected to be this year's top two US rice producing states, followed by Mississippi and Texas.
On Tuesday afternoon, the US Department of Agriculture reported the total US rice harvest was 22 percent complete as of Sunday, about on par with the five-year average of 24 percent for that date.
CBOT traders said Friday's weekly export sales data may also have provided early support, but at least one broker said he thought the buying appeared to be more technical in nature.
CBOT September rough rice ends trade on Friday, September 19.
Rough rice futures volume on Friday was estimated at 601 lots, while options trade was put at 38 contracts.
MGR Archive 8.9.2003
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Region Type Price  
Russia Rapan $ 700
USA Jupiter Rice $630
USA Calrose #1 $830
USA Calrose #1 Paddy $480
EU Prices Baldo €660
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