US rough rice futures at the Chicago Board of Trade closed higher on Wednesday amid light volume in the shortened pre-holiday session, traders said. CBOT markets closed early at noon CST for Christmas Eve. They will remain closed on Thursday for Christmas and reopen Friday morning.
Rice bounced late with activity centered around the volatile January-March spread before futures delivery period starts next week. January ended up 2 cents at $15.13-1-2 per cwt; March up 11-1-2 at $15.04. January-March spread weakened 9-1/2 cents but stays at an inverse as nearby cash supplies tight with farmers not selling.
Volume very light estimated at 212 futures and 10 options. USDA kept its weekly world market price for long grain rice at $13.37 per cwt. Colombia approves 75,000 tonne rice import tender Iraq is looking to buy at least 30,000 tonnes of optional-origin rice. Offers due by December 29.