US rough rice futures on the Chicago Board of Trade ended mostly higher Tuesday on a technical bounce after Monday's limit-down close, traders said. The deferred months recovered late on slipover buying from corn, which closed down but off its lows. However, front-month July, now in delivery and trading without limits, remained under pressure to close 91 cents down at $19.69 per cwt.
September rice settled 3 higher at $18.07 and November up 8 at $18.37. The back months were lifted amid commercial buying, traders said. Trading limits revert back to 50 cents from 75 cents effective Tuesday night as the market did not see a limit move on the close. Volume was large estimated at 1,531 futures. Overnight, there large deliveries posted against the July contract - 279 contracts. But they were met by a strong stopper with an RJ O'Brien customer taking 272.
USDA reported late Monday that 69 percent of the US rice crop was in good to excellent condition, up from 66 percent the week before. Development was behind as 8 percent of the crop was headed as of Sunday, vs the seasonal average of 11 percent. Vietnam lowered the floor price for its exportable top grade of rice (5 percent broken) by 4 percent to $720 a tonne this week, the Vietnam Food Association said. It gave no reason for the cut.
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