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CBOT rice ends higher on technical buying

CHICAGO: Rough rice futures at the Chicago Board of Trade bucked the trend to ended slightly higher on Thursday amid technical buying, traders said.

CBOT rice settled 2 cents per bushel higher, with May up 2 cents at $5.57.

The market managed to withstand pressure from a precipitous fall in U.S. stock markets that helped to drive CBOT corn, soybeans and wheat futures lower.

"There was some pressure from the stock market but we managed to withstand it," a trader said, adding that early strength in other grains helped rice futures.

Corn, wheat and soybeans started the session higher but turned lower amid forecasts for weekend rain in the Midwest.

"We saw some good, aggressive buying early in the session," he said. Refco Inc., Rosenthal Collins, E.D.& F. Man, Lind-Waldock were among the buyers, he added. FCC Futures was a scale-up seller of 150 to 200 May contracts.

Rice futures volume was estimated by the CBOT at 1,000 contracts, compared to 701 traded on Thursday.-Reuters