CBOT rice future firmer in the front three months

10 Jan, 2004

Rough rice futures at the Chicago Board of Trade ended about a penny higher in the front three months on Thursday on follow-through speculative buying amid thin volume, traders said.
The CBOT rice market closed 1 to 1-1/2 cents higher in January, March and May, with the March contract up 1-1/2 at $9.12 per hundredweight.
Speculative buying was tempered by light commercial sales, likely farmer hedge pressure, when March futures traded between $9.08 and $9.13, traders said.
January closed a penny higher at $8.94 after light deliveries of only five contracts on Thursday. January stops trading on January 21.
Estimate volume was light at 325 futures and 28 options. US weekly export data failed to stir much bullish momentum.
The US Department of Agriculture said last week's rice sales totalled 54,100 tonnes 42 percent below the previous week and 39 percent under the four-week average.
But a weakening US dollar underpins the market, raising hope of fresh business.

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