US rice futures on the Chicago Board of Trade fell to a near three-week low on Wednesday amid technical selling after sliding through all key moving averages this week, traders said. Large global stocks and poor export demand for US rice loom over prices. Spread trade was featured as firms rolled July positions into the deferreds before the start of the delivery period at month end.
July rice ended 24 cents down at $12.07 per hundredweight; September closed 6-1/2 down at $12.24. July-September weakened 17-1/2 cents and 272 spreads traded. USDA keeps weekly world market price for long grain rough rice at $11.01 per cwt. Thai rice prices rose slightly this week to $580 per tonne, up from last week's $578 -exporters. Iraq bought 30,000 tonnes of Thai long grain rice for August shipment at $574 per tonne CIF.
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