US rough rice futures on the Chicago Board of Trade ended slightly firmer Friday on a technical bounce after falling to contract lows earlier in the session, traders said. Rice is technically weak making contract lows for the second straight day. March rice closed 5-1/2 cents up at $12.75 per cwt, after falling to a contract low of $12.60.
May ended 7 cents up at $12.90, bouncing from a fresh contract low of $12.75-1/2. Market is trading at levels not seen since November of 2007, given soft demand for American rice and increased world stocks. Weekly export sales were disappointing. USDA reported that 35,800 tonnes of 2008-09 US rice sold for export last week, down 18 percent from the week before. Market ended lower despite news that US rice exports resumed to Mexico top US rice customer, under new rules.
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