Chicago Board of Trade rough rice futures closed lower Monday on follow-through speculative selling, with spreading featured as firms rolled their July positions, traders said. July rice ended 4 cents lower at $10.60 per hundredweight. September closed 5 down at $10.94 and November was off 4 at $11.24.
Volume was estimated at 1,047 futures and 95 options, with roughly 75 percent of the futures trade made in spreads. That compared to Friday's trade of 1,248 futures and 48 options.
The July-September spread traded from 34 to 35 cents as firms rolled their July positions before the start of the delivery period on Friday, first notice day for deliveries. Speculative selling by Shatkin-Arbor cast a bearish tone along with the weakness in corn, traders said. Commercial selling of November by Man Financial was also bearish.
In export news, Bangladesh issued a tender over the weekend to import 100,000 tonnes of non-basmati parboiled rice by November to meet possible emergency post-monsoon demand, food officials said. The tender closes on August 13. After the markets closed, the US Agriculture Department issued its weekly progress update showing that rice conditions were stable. The government rated 74 percent of the crop good to excellent - unchanged from the week before.
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