US rough rice futures on the Chicago Board of Trade fell to a two-week low on Tuesday on follow-through selling, traders said. Rice is technically weak. January broke through its 10-day moving average of $15.19 then slipped back. January rice closed 8 cents lower at $15 per hundredweight. March ended 15-1/2 down at $14.78.
January-March spread firmed 7-1/2 cents and remains at an inverse given the tight supply of nearby rice as farmers hold tight to their 2008 harvest. There were no January rice deliveries overnight. Japan aims to buy 25,000 tonnes of rice in tender that closes Friday-government.
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