Rough rice futures at the Chicago Board of Trade rallied to an all-time high on Friday, boosted by the strength in wheat and soyabeans, traders said. CBOT rice market hit a record top of $14.07 per hundredweight, made in the July contract.
The CBOT rice contract began trading in October 1994 and its predecessor was a MidAm contract, which began trading in 1986. January rice ended 17 cents higher at $13.38, trading above all key moving averages. March closed 16 cents up at $13.70 and July ended 18 higher at $14.05.
CBOT March wheat rose the 30-cent limit to $9.21-1/2 a bushel while soyabeans hit a 34-year top in a spot contract of $11.22 amid prospects for USDA trimming its ending stocks estimates for both commodities in next week's crop report.
The commodity markets, including rice, remain red-hot given expanding global demand for food and feed. A pickup in exports this season and strong Asian rice prices were supportive to Friday's trade.
Fund buying out of Calyon was featured on Friday, a trend seen most of the week, traders said. Firms also continue rolling their January positions ahead of the delivery period. January/March traded at 32-1/2 cents, with roughly 40 percent of the volume made in spreads. An estimated 974 futures and 71 options traded, compared with 3,148 futures and 171 options that traded on Thursday.
Comments
Comments are closed.