Rough rice futures at the Chicago Board of Trade closed higher on Monday in light trade, supported by commercial buying, traders said. "The only feature was commercial buying by Man (Financial) of September and November, primarily September," one rice trader said.
Otherwise the day was extremely quiet, traders said. The market closed at the day's highs with September up 6 cents at $6.86 per hundredweight and November 7 cents higher at $7.08.
The September/November spread traded at 23 cents per cwt., as firms rolled their September positions before the start of the delivery period at month's end.
The cash markets were quiet, traders said. The US Department of Agriculture reported late on Monday that 3 percent of the US rice crop was harvested as of Sunday. Harvest began in Louisiana and Texas, with 16 percent and 9 percent of the crop off the field, respectively.
US rice conditions were unchanged during the week 62 percent of the crop rated well to excellent but below a year ago when 69 percent made the good-to-excellent rating.
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