CBOT rice falls on speculative buying

08 Apr, 2004

Chicago Board of Trade rice futures ended weaker on Tuesday as speculative buying weighed amid light volume, traders said.
The rice market ended 10 to 12 cents per hundredweight lower, with May dipping below $10.00 to end at $9.98, down 12 cents.
Volume was thin estimated at 242 futures and 127 options. Light sell-stops were hit in the session, pushing May to a session low of $9.80.
The cash market gave little direction to futures.
But traders noted that spring planting is ahead of last year's pace in the season.
The US Department of Agriculture reported late on Monday that 15 percent of the US rice crop was seeded as of Sunday, up from 12 percent a year ago.
After the close, USDA said it raised the world market price for long grain rough rice to $5.50 per cwt, up from $5.25 a week ago.

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