US rough rice futures at the Chicago Board of Trade closed higher on Monday, led by the spot contract January amid a limited supply of cash rice as farmers hold tight, traders said. January-March spread firmed 8 cents as firms exited January positions before expiration of January options on Tuesday.
Roughly 280 January-March spreads traded. January ended 23-1-2 cents higher at $15.12 per hundredweight; March closed 15-1-2 up at $14.87. Volume light estimated at 707 futures with most of it made in spreads. Iraq issued a tender to buy at least 30,000 tonnes of optional-origin rice. Offers due by December 29.