Rice futures at the Chicago Board of Trade closed firm on Tuesday on a technical bounce, traders said. CBOT rice closed near the highs on Monday, which triggered follow-through technical buying early Tuesday. That set a firm tone to the Tuesday's trade. May rice closed 7 cents higher at $7.08-1/2 per hundredweight, climbing to a $7.09. Nearby resistance was pegged at $7.08 to $7.10 in May, traders said. The back months settled 5 to 15 cents higher.
There was little fresh fundamental news to stir much of trade excitement, traders said.
The US Department of Agriculture on Tuesday raised its weekly world market price for long grain rough rice by 20 cents to $6.46 per cwt. The magnitude of the jump surprised traders, they said.
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