Rough rice futures at the Chicago Board of Trade closed lower on Friday before the three-day weekend, pressured by speculative sales after sell-stops were hit, traders said.
Sell-stops were triggered when November hit $7.70 driving prices to a session low of $7.50, traders said. Weakness in the other CBOT grain and Soya markets spilled over to rice.
By the close, CBOT rice futures were 13 to 14 cents per hundredweight lower. September was 14 cents weaker at $7.58. But most of the trade was in November, which closed 13-1/2 cents down at $7.58-1/2.
Commercial buying surfaced when the market broke and helped the market off its lows.
Estimated volume was on the lighter side at 405 futures and 24 options. CBOT grains markets will be closed on Monday for the US Labour Day holiday. Trade reopens with the e-cbot session on Monday night.
There was some trade talk about a potential slowdown in the US Delta rice harvest due to fallout from Hurricane Frances. The hurricane is expected to hit land on the south-eastern coast of Florida over the weekend, but the Delta was expected to escape heavy rains, weather forecasters said.
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