US rice futures on the Chicago Board of Trade closed weak on Tuesday after a lightly traded session. Prices kept within recent ranges as large global supplies coupled with strong export demand overhangs prices. May settled down 1 cent at $12.78 per hundredweight; July unchanged at $13.01-1/2.
New-crop months ended 3 to 3-1/2 cents lower. Volume was light estimated at 250 futures and 20 options. Iraq issued a tender to buy a minimum of 30,000 tonnes of rice from any origin. Closing bids on May 12, offers valid until May 17-Iraqi Grain Board.
US Agriculture Department reported late Monday that 64 percent of the rice crop was seeded by Sunday, up significantly from last week at 47 percent but still behind the five-year pace of 69 percent. Overnight May deliveries were light at 10 lots and met by scattered stoppers.
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