US rice futures on the Chicago Board of Trade closed lower on Friday, falling to a 16-month low under the weight of big global stocks of rice, traders said. Technically selling was spurred after USDA raised its US rice ending stocks by 4 million cwt on Wednesday. World rice stocks also seen expanding.
March rice expired at midday 38 cents lower at $11.50 per cwt. May ended down 44-1/2 cents down at $11.62-1/2. Contract lows made in all back months. Volume was large estimated at 1,060 futures and 37 options. Traders waiting results of Iraq tender. Deliveries on March 20 lots. Cut in Thai rice intervention price pleases no one.
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