Rough rice futures at the Chicago Board of Trade closed slightly higher on Monday, as the market tried to stabilise after closing lower the past three sessions, traders said. No changes in the US supply outlook, with stocks burdensome kept the recovery limited. March rice settled 3 cents higher at $6.58 per hundredweight. May was up 1/2 cent at $6.76-1/2 cents. Even with the higher close, the nine-day relative strength index for the March contract closed at 28 on Monday, below the 30 level viewed as a technically oversold market.
Commercial Man Financial was the featured player, on both sides of the market, floor traders said.
But overall trade was quiet with rolling of March positions before first notice day for deliveries the main feature.
Estimated volume was thin at 322 futures and 42 options. That compared to 431 futures traded on Friday.