Chicago Board of Trade roughs rice closed lower on Friday, with the May contract reaching a three-month low on continued long liquidation, traders said.
The market remains technically weak, trading below all key-moving averages. The May contract touched it's 100-day moving average of $8.37, then fell 14 cents. It closed 13 cents lower at $8.24 per hundredweight.
"The technical situation is not good," said one CBOT rice broker. Sell-stops were first hit in May rice at $8.32 and again in the $8.29 to $8.26 range, traders said. Thinly traded March, now in delivery, closed 12 cents down at $8.06 per cwt.
There was 13 March deliveries made by a customer of Dowdy Weskit Group. They were met by commercial stopping, with the ADM Investor Services house account taking all the deliveries.
Reface-Man and ABN Amro were the featured sellers, likely commodity funds liquidating long positions, traders said.
Commercial pricing by Man Financial and RJ O'Brien underpinned the market. US cash markets were quiet.
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