Chicago Board of Trade rice futures ended higher on Wednesday after a quiet session dominated by spreading of about 700 May/March contracts before the February 27 first notice day for March, traders said.
"The spreading was done by noon, and trade was slow afterward," one CBOT rice trader said. "R.J. O'Brien was on both sides of the spread and Man Financial sold May and bought March."
CBOT rough rice settled up 4 to 14 cents per cwt, with March up 13-1/2 cents at $7.84-1/2 and may up 14 cents at $8.05 per cwt.
Bidding by Man Financial also rallied the CBOT rice market into light speculative buy stops, the trader said.
Cash US rice trade was relatively quiet, and traders expected the USDA to announce only modest weekly US rice export sales in its report on Thursday.
CBOT rice registrations late on Tuesday totalled 728 contracts, unchanged from Monday's tally. Registration of a contract does not mandate delivery.
CBOT rough rice estimated volume on Wednesday was 862 futures, compared with Tuesday's volume of 825 lots, while options trade was five contracts.
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