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US rough rice futures on the Chicago Board of Trade fell for a third straight day on Friday, hitting a 10-day low in thin trade, traders said. Outlooks for bigger world rice supplies and weaker Asian markets are sparking speculators to liquidate long positions. Traders awaiting USDA updated US and world supply/demand figures to be issued on Monday.
CBOT November ended down 7 cents at $15.17 per cwt; January down 7 cents at $15.19. Rice closed lower despite a weaker dollar, typically a supportive sign for dollar-denominated commodities. November deliveries light at 16 contracts; MF Global customer stopped all. US farmer sales remain slow -traders. Japan's first rice tender in two months failed as traders wary of tightened import rules. Costa Rica buys 62,778 tonnes of US rice.
South Korea seeking 15,191 tonnes of US rice next week. Steady export demand for rough rice but milled rice lacking customers. Iraq tendering for rice on November 16 and normally buys milled rice. President-elect Barack Obama might lift trade restrictions with Cuba, another buyer of milled rice, traders said.

Copyright Reuters, 2008

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