Rough rice futures on the Chicago Board of Trade ended higher on Tuesday, with July rising to an all-time high for any contract, amid fund and speculative buying and hopes of fresh export sales, traders said. Traders said Calyon and Rosenthal Collins were among players on the buy side, while MF Global was a seller.
"There was some fund and speculative buying," an analyst said, adding that there were also hopes of export sales. November, in delivery mode and set to expire on Wednesday, ended 10 cents higher at $12.50 per cwt. Active January rose 8 cents to $12.73.
July hit a record high $13.42 before settling at $13.38, up 10 cents on the day. Bangladesh on Tuesday set a tender to buy 100,000 tonnes of non-basmati parboiled rice.
The tender closes on December 24. Traders said India stood a good chance of clinching the business because of its proximity to Bangladesh. India eased a ban on rice exports last month, permitting overseas sales of some superior varieties.
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