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US rough rice futures on the Chicago Board of Trade tumbled on Friday as firms liquidated long positions after this season's run-up to contract highs, traders said. March rice, now in delivery, settled 48 cents per hundredweight lower at $17.31. May ended 46-1/2 down at $17.55 and July close 44 cents weaker at $17.83.
All the Chicago grains were under pressure amid a broad-based sell-off. The markets were due for a technical correction after making a series of contract highs in recent weeks, traders said. The selling started this week as financing woes among some investment funds forced them to liquidate positions to meet margin calls in different financial arenas, largely linked to the subprime debacle. The featured seller in rice was Newedge, likely liquidating long positions for a commodity fund, traders said.
On Friday's volume was moderate to heavy estimated at 1,923 futures or 200 options. Global demand and firm Asian prices remain supportive features. Japan bought 3,180 tonnes of rice at a tender, with most of it 2,925 tonnes sourced from the United States.

Copyright Reuters, 2008

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