Rough rice futures at the Chicago Board of Trade slid on Friday amid a series of technical moves, traders said. "We open lowered in sympathy with yesterday they pushed into some quick, easy sell stops in thin trade," said Neauman Coleman, a broker from Brinkley, Arkansas.
The market gapped lower on the open, with September falling to 17 cents to $6.59 before recovering some before the close. September closed 8 cents down at $6.68 per hundredweight and November rice settled 6 cents lower at $6.93.
Volume was estimated at 794 futures and 160 options. That compared to 766 contracts traded on Thursday. US cash rice markets remain soft, adding to the weak tone. The weather remained hot and dry in the top rice state of Arkansas. The rice crop was beginning to turn colour, showing signs of ripening. Harvest was still at least two weeks away from starting over much of the state but there were reports of a small or rice harvested in southern Arkansas, traders said.