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Rough rice futures at the Chicago Board of Trade closed weaker on Wednesday amid commodity funds liquidating long positions and rolling of July positions, traders said.
"Much of the day's trade centred around the July rollover into September and November," said one rice broker. July rice closed 5 cents lower at $10.52 per hundredweight.
September ended 6 cents down at $10.88 and November closed 3 weaker at $11.19. Funds were rolling their July longs, spreading Sep/Jul and Nov/Jul before the first notice day for July deliveries on Friday, traders said. Commercials were on the other side with Rosenthal Collins, Man Financial and RJ O'Brien buying July, selling Sep and November.
In outright trade, Clayton sold about 100 September contracts as a fund liquidated a long position, traders said.
An estimated 878 futures traded with about 65 percent of the volume made in spreads, traders said. That compared to 1,774 futures that traded on Tuesday.
Traders were awaiting USA's acreage report on Friday. There was some talk that government could cut its rice acre forecast currently at 2.644 million acres.

Copyright Reuters, 2007

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