US rough rice futures on the Chicago Board of Trade rallied the 50-cent trading limit on Wednesday on spillover buying from the strength in other CBOT grains and the rally in crude oil, traders said. September rice settled 50 cents up at $16.52 per hundredweight after falling on Tuesday to $15.85 - the lowest spot price since mid February.
November closed 50 up at $16.80. Volume was light estimated at 775 futures and 85 options. Expanded price limits go into effect for Wednesday night trade, increasing to 75 cents from 50 cents. Much of the day's strength in CBOT grains stemmed from the energy markets, traders said.
Crude oil closed $3 per barrel higher on larger-than-expected drawdowns in US crude and gasoline stocks over the past week. The USDA kept its weekly price for long grain rough rice at $17.33 per cwt.