Rough rice futures at the Chicago Board of Trade ended lower on Wednesday, with the March contract dipping below $8 for the first time since mid-November as speculators continued to liquidate longs, traders said.
The CBOT rice market closed 23 to 29 cents per hundredweight lower. March rice ended 28 cents down at $7.91.
Volume was large, estimated at 1,287 futures and 89 options.
Spill-over pressure from Tuesday's lower close surfaced on the open as speculators exited their long positions.
Sell-stops were hit below $8.10 in March, floor traders said.
Commercial buying helped support the market through the mid-session, but speculative selling hit again late when sell orders came at the close.