Rough rice futures on the Chicago Board of Trade closed lower on Thursday, reversing from early strength on quiet technical selling and spillover weakness from wheat, traders said. July rice fell 13 cents to settle at $19.80 per hundredweight, after rising to $20.33 in Asian trading hours. September closed down 6-1/2 cents at $18.69, with back months down 5 to 10 cents.
Volume was light at an estimated 446 futures and nine options. Weekly export sales were supportive. USDA reported that 80,000 tonnes of rice (old-crop) sold for export last week, up 15 percent from the previous week and 36 percent above the prior four-week average. Daily trading limit reverted to 50 cents per cwt. Malaysia is in talks with Thailand to import more rice, Agriculture Minister Mustapa Mohamed said.