Rough rice futures at the Chicago Board of Trade closed higher on Wednesday on a technical bounce, supported by the strength in the other CBOT markets, traders said. Rice was due for a rebound falling to a one-month low on Tuesday. Given the rally in Chicago corn, wheat and soyabean markets on weather concerns, rice saw slipover buying.
May rice closed 4 cents higher at $10 per hundredweight, with the back months up 8 to 9 cents. CBOT May wheat ended 22-3/4 cents higher at $5.06-1/4 per bushel, May corn was up 10-3/4 at $3.71-1/4 and May soya settled 11-3/4 higher at $7.21-1/2 per bushel.
The May/July spread widening 4 cents by the close, after trading at 37 cents. The nearby spread remains historically wide, pressured by ample supplies due to a lagging export pace and worries of large May deliveries next week.
An estimated 1,531 futures and 75 options traded, compared with the 3,264 futures and 54 options that traded on Tuesday. There was a lack of news to stir much trade interest, traders said. The US Agriculture Department kept its weekly world market price for long grain rough rice at $7.75 per cwt.
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