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CBOT rice ends lower on USDA report

CHICAGO: Rough rice futures at the Chicago Board of Trade ended lower on Tuesday amid pressure from the USDA's April supply and demand report.

CBOT rice settled 7 to 10 cents per hundredweight (cwt) lower, with May off 10 cents at $5.53.

"The USDA's world estimates were bearish," a trader said, adding that light sell-stops were hit in the May contract at $5.60 and in the July at $5.80.

He said E.D. & F. Man International, Lind-Waldock and ADM Investor Services were scale-down buyers.

The U.S. Department of Agriculture estimated 1999/2000 global ending stocks at 61.81 million tonnes, up from its March estimate of 59.26 million.

USDA trimmed world exports to 22.89 million tonnes from 23.52 million, while production was raised to 440.74 million from 398.32 million.

USDA kept its U.S. estimates unchanged. Ending stocks were listed at 1.25 million tonnes, and exports at 2.74 million.

Rice futures volume was estimated by the CBOT at 650 contracts, compared with 151 traded on Monday. -Reuters