Chicago Board of Trade rough rice futures rallied on Wednesday on a technical bounce, breaking through key moving averages ahead of the US Thanksgiving holiday, traders said.
CBOT agricultural markets closed on Wednesday at noon CST (1800 GMT). The markets will remain closed on Thursday for Thanksgiving, reopening with the electronic session that evening.
Open outcry markets will close at noon CST on Friday. January rice closed 9 cents per hundredweight higher at $7.58, after pushing through its 10-,20-and 30-day moving averages in the $7.53 to $7.56 range. March settled 10-1/2 cents up at $7.84-1/2.
"Light buy stops were hit throughout the range $7.60 in January started to attract fund interest," said one floor broker. Reface Investor Services and RJ O'Brien were featured buyers.
Farmer hedge pressure surfaced in the $7.65 to $7.68 range in January, traders said.
In global news, South Korea may issue a tender to import rice in December after its parliament ratified on Wednesday a trade pact that would slowly open its rice markets, an agriculture ministry official said.