Thai rice futures were mixed on Thursday in a directions market as nearby contracts stayed steady while others swung up and down, brokers said.
Overall volume dropped as 139 contracts of five percent white rice were traded compared to 160 contracts on Wednesday.
The most active January contract finished at 9.78 baht per kg, with the number of contracts traded falling to 130 from 138. "The November contract was still popular and its price was expected to stay high in line with the spot market due to demand for loading," said one broker.
The March contract ended up at 9.74 baht per kg from 9.70 baht, with traded contracts falling to five from 20. But the May contract dropped to 9.60 baht per kg from 9.66 baht with four contracts traded.
No May contract was traded on Wednesday. "Deferred contracts moved in different ways. But we couldn't conclude any trends as we could see that not many of them were traded. It could imply anything," said another broker.
Thai five percent white rice in the physical market was quoted at around 9.5-9.6 baht per kg, up from last week's 9.5 baht due to strong demand. Supply is tight ahead of the country's harvest season next month.
Thailand, the world's largest rice exporter, started rice futures trading on August 26 with five-percent white rice grade. November, January, March, May, July and September contracts are offered.
Each contract is for 15 tonnes. Trading hours are 10.30 am to noon (0330-0500 GMT) and there will be an additional session between 1.30 pm and 3 pm (0630 and 0800 GMT) on November 8.