Chicago Board of Trade rough rice ended mixed on Tuesday on profit-taking and following a sharp downturn in neighbouring soyabeans, after March set 5-1/2 year top on speculative buying, brokers said.
"There was speculative and commission house buying, along with some light commercial support," one CBOT rice trader said. "But when the soya market went south, our bidding dried up and we followed."
CBOT rough rice settled down 28 cents per cwt to up 5 cents, with March down 20-1/2 cents at $8.98, after setting a high of $9.27, and May down 20 cents at $9.24 per cwt.
Man Financial was a late seller of May and July, the rice trader said. CBOT soyabeans ended lower on Tuesday on rumours that top global vegetable oil importer China had cancelled soyaoil purchases and talk of possible US soyaoil imports after setting a 15-1/2-year top on worries about Brazil's crop, CBOT traders said.
There were 115 rice deliveries reported on Tuesday against CBOT March rice. Registrations late on Monday totalled 846 lots, unchanged from Friday's tally.
After on Tuesday's CBOT close, the US Department of Agriculture announced that the weekly world market price for long grain rough rice was $4.62 per cwt, up from the previous week's $4.49 per cwt.