Rough rice futures on the Chicago Board of Trade closed higher in rangebound trade on Wednesday as commercial buying helped prices to rebound from sharp declines on Tuesday, traders said.
CBOT July rice settled 3-1/2 cents higher at $8.76-1/2 per hundredweight, hitting resistance at its 100-day moving average at $8.78-1/2. September ended up 2-1/2 cents at $9.06 and November was up 5 at $9.27.
Man Financial was a noted buyer of front-month July rice throughout the day, traders said. Spreading was a feature as funds continued to roll long July positions forward, with commercials rolling shorts forward.
July/September traded at a carry of 28-1/2 to 29-1/2 cents while July/November traded at 49 to 50 cents. Volume was estimated by the exchange at 1,685 futures, down from 3,285 on Tuesday, and 97 options. Export news featured a European trading firm buying 10,000 tonnes of 15-percent and 25-percent broken rice from Vietnam for shipment to Africa.