US rice futures on the Chicago Board of Trade closed higher on Tuesday, following as corn and other grain markets soared on the threat of a frost in the US Midwest late next week, traders said. CBOT November rice ended up 15 cents at $13.31-1/2 per cwt. Spillover strength from corn helped rice to shake off pressure after USDA late Monday revised its 2009 US rice harvest and ending stocks forecasts upward.
USDA said it revised its estimate for this year's rice crop to 218.6 million cwt (previously 217.9 million) and 2009/10 ending stocks to 44.6 million (previously 43.9 million). USDA late Monday said the US rice harvest was 32 percent complete, behind the five-year average of 38 percent. In top rice state Arkansas, the harvest was 20 percent complete, compared to the usual pace of 30 percent. Overnight, there were two September deliveries, both stopped by a UBS customer.