Rough rice futures at the Chicago Board of Trade closed lower on Friday on follow-through selling from Thursday's weak close amid some farmer hedge pressure, traders said.
The market came under pressure the past two sessions as the rice harvest in the top producing state of Arkansas went on with no interruption from Hurricane Ivan. The storm tracked further east, sparing the US rice fields. Yield reports from Arkansas remain strong.
CBOT rice futures closed down 6 to 20 cents per hundredweight, with September 20 cents lower at $7.28 and November down 9 cents at $7.30, a one-month low.
Sell-stops were hit at the opening bell and the market was under pressure throughout the session, floor traders said.
In export news, the Philippines bought 58,177 tonnes of US rice under the PL-480 Title I program. USDA said the deal involved 58,177 tonnes of US white long-grained milled rice in bags for December shipment.
Estimated volume was light at 378 futures and 3 options. That compared to 694 futures traded on Thursday.
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