Rough rice futures at the Chicago Board of Trade rallied to an all-time high on Friday, boosted by the strength in wheat and soyabeans, traders said. CBOT rice market hit a record top of $14.07 per hundredweight, made in the July contract.
The CBOT rice contract began trading in October 1994 and its predecessor was a MidAm contract, which began trading in 1986. January rice ended 17 cents higher at $13.38, trading above all key moving averages. March closed 16 cents up at $13.70 and July ended 18 higher at $14.05.
CBOT March wheat rose the 30-cent limit to $9.21-1/2 a bushel while soyabeans hit a 34-year top in a spot contract of $11.22 amid prospects for USDA trimming its ending stocks estimates for both commodities in next week's crop report.
The commodity markets, including rice, remain red-hot given expanding global demand for food and feed. A pickup in exports this season and strong Asian rice prices were supportive to Friday's trade.
Fund buying out of Calyon was featured on Friday, a trend seen most of the week, traders said. Firms also continue rolling their January positions ahead of the delivery period. January/March traded at 32-1/2 cents, with roughly 40 percent of the volume made in spreads. An estimated 974 futures and 71 options traded, compared with 3,148 futures and 171 options that traded on Thursday.