US rice futures on the Chicago Board of Trade settled higher on Monday on short-covering as the market continued to recover from the 8-1/2 month low set earlier this month, traders said. Retreat in the US dollar lent support. CBOT May rice settled up 13 cents at $12.83 per hundredweight.
May traded between $12.60-1/2 and $12.89-1/2, its highest level since March 10. CFTC data showed large speculators trimmed their net long position in CBOT rice in the latest week by adding short positions, leaving the market open to short-covering. Philippine poll leaders say will halt rice imports.
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