Rough rice futures at the Chicago Board of Trade closed firm on Wednesday, rebounding from the sell-off the day before, traders said. "The market stabilised after the big trade yesterday," said one rice broker. July rice closed 10 cents higher at $7.44 per hundredweight, while the deferred were up 5 to 11 cents. Light buy-stops were hit after commercial selling pressured the market.
ADM Investor Services was the featured buyer, traders said. Volume was moderate, estimated at 980 contracts, and down substantially from the 4,801 contracts traded on Tuesday.
Eighty-six percent of the crop emerged, close to the five-year pace of 87 percent.
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