US rough rice futures on the Chicago Board of Trade ended lower on Thursday, slipping after notching an all-time high for the third straight day, traders said. Prices slipped in the final 30 minutes of trade on industry fears that historically high US rice prices may deter the Philippines from going ahead with its tender to purchase up to 100,000 tonnes of US rice.
The tender closes on Friday and calls for delivery for April 1-June 30 delivery, said freight agent Trans Global Services. A combination of profit-taking by speculators and commercial sales brought the market off its record high, traders said.
The only month to settle higher was May rice - up 5 cents at $19 per hundredweight. But the contract expires on Friday, with open interest down to four lots by Thursday's open. Contract highs were made across the board and May and July rose the 50-cent limit early in the session.
Volume was moderate to large and estimated at 1,164 futures and 146 options. Weekly export sales were viewed as supportive at 50,000 tonnes of old-crop supplies and shipments were bigger-than-expected at 97,600 tonnes.
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