CBOT rice lower on selling pressure

Rough rice futures on the Chicago Board of Trade closed lower on Friday, pressured by commercial selling in a quiet setback from Thursday's three-month high, traders said. July rice settled down 2-1/2 cents at $10.72 per hundredweight, but the contract was up 63-1/2 cents, or 6 percent, for the week.
September rice closed down 4-1/2 cents at $11.10-1/2 and November was down 1/2 cent at $11.40. The July/November spread traded actively at 61-1/2 cents, traders said. Volume was estimated by the CBOT at 1,428 rice futures and 65 options. The market shrugged off a supportive acreage estimate from private consulting firm Informal Economics.
The Memphis, Tennessee-based firm estimated US rice seedlings at 2.597 million acres, below the US Department of Agriculture's current figure of 2.644 million acres. USDA will update its plantings estimates on June 29.