US rice futures on the Chicago Board of Trade rallied to a two-week high on Thursday, fuelled by technical buying after the market surpassed several key moving averages, traders said. Weekly export sales data issued by USDA was supportive, although there were no surprises in the numbers, traders said.
Light July deliveries after two days of big postings added to the bullish sentiment. CBOT July rice closed up 34-1/2 cents at $12.77-1/2 per cwt, after gapping higher on the open and surpassing its 100-day moving average of $12.60. September ended up 36 cents at $12.89, above its 10-, 20-, 50-, 100-day MA.
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