Chicago Board of Trade rough rice futures rose to a four-month high on Thursday, supported by more technical buying, traders said. November rice closed 5-1/2 cents higher at $7.45 per hundredweight, with deferred up 7 to 8 cents.
Commodity funds have been consistent buyers of rice for the past three weeks, traders said. There was heavy spreading of March/November rice, which added to the day's volume.
Volume was large estimated at 1,537 futures and 66 options. Traders were awaiting weekly US rice export sales that will be released by USDA on Friday, one day late due to Columbus Day on Monday.
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