Rough rice futures at the Chicago Board of Trade closed lower on Tuesday, setting back after reaching a near three-month high in the November contract, traders said. There was also some pre-report positioning ahead of USA's monthly crop report to be released on Wednesday.
Lightly traded September rice closed 3 cents per hundredweight lower at $11.05. The more active November contract ended 1 cent down at $11.33, after reaching a high of $11.41. Commercial selling out of MF Global above November above $11.33 brought the market off the highs. An estimated 552 futures and 118 options traded, compared to Monday's trade of 966 futures and 199 options.
The US rice harvest is moving along, despite last week's rains that were stalling farmers in the top Rice State of Arkansas, traders said. USDA reported late on Monday that harvest was 35 percent complete as of Sunday, ahead of the five-year pace of 30 percent.
In Arkansas, 30 percent of the crop was harvested versus 23 percent for the five-year average. Overnight September deliveries were lights at 14 contracts and were met by scattered stoppers.
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