Chicago Board of Trade rough rice futures closed lower on Monday amid commercial hedge sales as the move to an all-time high spurred farmers to price their crops, traders said. The market was also doing for a setback as prices are at historical highs given the weakness in the dollar, which has spurred good export business.
January rice closed 9-1/2 cents lower at $13.21 per hundredweight after notching a contract high of $13.49. March settled 5 cents at $13.52, before making a new high of $13.80. The July contract reached $13.98, the record high for a CBOT rice contract, before closing 3 cents lower at $13.87.
The CBOT rough rice futures began trading in October 1994. Volume was moderate estimated at 752 futures and 24 options, compared to the 775 futures and 18 options that traded on Friday. Bangladesh accepted a bid from a lone Bangladeshi firm in a suspended a tender to import 50,000 tonnes of non-basmati parboiled rice.
The bid was for $399.97 per tonne CIF. The tender was suspended last week after an Indian bidder claimed it was barred from participation. The results of the tender are pending.
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