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CBOT rice ends firm on late short covering

CHICAGO: Rough rice futures at the Chicago Board of Trade closed firm on Friday on late short covering amid quiet dealings, traders said.

"It was really quiet and I think a few of them just wanted to get out of their positions before the weekend," a trader said.

Traders were eyeing a three-day weekend with CABOT markets slated to be closed Monday, the US Presidents Day holiday.

CABOT rice closed 3 to 4 cents per cwt higher, with March up 3 at $5.43.

Prices sagged early on follow through technical selling after the recent declines with ADM Investor Services said a seller on stops in early dealings.

Traders cited no significant shift in fundamentals to drive prices Friday with the large stocks of rice continue to cap rallies.

"There is nothing positive in the cash markets that I can see," a trader said.

Rice futures volume was estimated by the CABOT at 600 lots, below the 823 lots traded Thursday. -Reuters