Rough rice futures at the Chicago Board of Trade climbed to fresh 10-year highs on Wednesday in technical moves, traders said. The market got off to a firm start on scattered speculative buying. Prices then spiked higher after when buy-stops were triggered in screen-based trade.
November rice settled up 31 cents at $11.85 per hundredweight after surging to $11.92, which marked a contract peak and the highest spot price for CBOT rice since spring 1997. Most-active January rice rose 29 cents to close at $12.17 per cwt after reaching a contract high at $12.25.
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