US rough rice futures on the Chicago Board of Trade closed higher on Friday in a technical recovery amid oversold signs. March and May contracts hit the maximum daily limit, rising 50 cents a bushel, shortly after the open on short-covering, but then retreated.
March finished up 34 cents at $12.78-1/2 a cwt. US long-grain rice sales picked up last week after suffering poor export demand due to its high price. A trader noted signs that there was a large order covering a short position shortly after the open. Additional support from the rise in soy and corn. Manila's exit from rice market augurs stability.