Rough rice futures at the Chicago Board of Trade fell for the sixth straight day on Friday as the market remains technically weak and commodity funds liquidated long positions, traders said. March rice settled 3-1/2 cents lower at $6.55-1/2 per hundredweight. The back months closed 4 to 5 cents weaker, with both May and July slipping to contract lows. Funds were featured sellers. Commercial buying surfaced at $6.60 in March. But overall trade was modest before the weekend estimated at 551 futures and 69 options.
Even this week's talk that the Iraqi Grain Board may have bought 180,000 tonnes of US rice failed to stir any bullish sentiment. In other export news, Japan said on Friday it bought 39,000 tonnes of US rice and 9,000 tonnes from Vietnam in its weekly tender.
And, the Philippines said it would seek tenders on March 1 to buy 500,000 tonnes of rice for April/May delivery.
In addition to its traditional suppliers of Vietnam, Thailand and China, the country will also accept rice from Pakistan and the United States.