Rice futures on the Chicago Board of Trade settled lower on Wednesday on light speculative and hedge-related selling, traders said. But late short-covering by locals and others lifted values off their lows toward the close. The spot July rice contract expired quietly, ending down 7 cents at $6.28 per hundredweight.
Most-active September settled down 1-1/2 cents at $6.49 after falling to a session low at $6.36. Sell-stops were triggered at $6.40 and below.
Rosenthal Collins and R.J. O'Brien were featured sellers early in the session, while Man Financial was a scale-down buyer, traders said.
Volume was estimated by the exchange at 352 futures, down from 467 on Tuesday, and 191 options.
A drop in the USDA's world market price was bearish, but traders said it was not a significant factor in Wednesday's trade. USDA late on Tuesday said it lowered the world market price for long-grain rough rice by 9 cents per hundredweight, to $5.69.
There were 10 deliveries against the CBOT July contract for Wednesday. All were issued by a customer of Man Financial, while a Refco customer stopped eight.
Comments
Comments are closed.