US rice futures closed lower on Tuesday, with most months falling the daily limit as recession worries pressured most commodities and US equity markets, traders said. Expectations of rising world rice supplies added pressure, with the Thai and Vietnamese harvests getting under way soon.
Carry-over pressure noted after USDA in Monday's November supply/demand report cut its US rice export forecast. CBOT November rice settled 34-1/2 cents lower at $14.76 per cwt; January ended down the 50-cent limit at $14.58-1/2. Daily trading limit for rice widens to 75 cents for Wednesday's session. But no limits for November contract, which is in delivery.
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