Rough rice futures at the Chicago Board of Trade closed mixed on Friday, within recent ranges amid light volume, traders said. "We're stuck in a tight range that seems to be narrowing," said one rice trader. The November contract closed 1 cent higher at $6.75 per hundredweight. It met resistance at the 10-day moving average of $6.76.
But November recovered from this week's slide to a two-month low on Monday on bearish US crop data - closing 2-1/2 cents higher on the week. Traders still face outlooks for ample supplies of US rice as harvest in the top rice producing state of Arkansas moves ahead. Yields were running about 5 to 10 percent below last year's record, a result of this summer's heat when the crop was flowering and filling, crop specialists said.
Concerns continue about export loading as Gulf coast ports try to get back to normal after Hurricane Katrina. But freight to move rice to US export markets remains high.
Light buying by speculators helped the market close higher. Trade was extremely thin estimated at 61 futures and 27 options. That compared to 610 contracts traded on Thursday.
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