Chicago Board of Trade rough rice futures closed higher on Friday in a technical rebound and on spillover from fund-driven strength outside markets, traders said.
Index funds were huge buyers of soybeans and corn, part of a broad-based commodities rally that saw gold post new 25-year highs. CBOT May rice closed up 8 cents per hundredweight at $8.22 and July ended 8-1/2 higher at $8.53-1/2.
The May/July spread traded at a 31-cent carry, traders said.
Late speculative buying buoyed rice prices after the market tested both sides.
Rice volume was estimated by the CBOT at 940 futures and three options. That was down from 2,641 futures on Thursday.
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