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CBOT rice ends lower on floorwide selloff, exports

CHICAGO: Rough rice futures at the Chicago Board of Trade closed lower on Friday on a weather-related floorwide selloff and on bearish input from the export sector, traders said.

Rice closed 2 to 7 cents per cwt lower, with on March down 7 at $5.32. May was down 7 at $5.62.

Spillover pressure came from the grain pits and the soy complex as recent improved crop weather in the US Midwest triggered a selloff.

Rice also was pressured by the outlooks for better crop weather. Large stocks of rice continued to cap rallies and Friday's government export readings lent further weight on the market.

The US Agriculture Department's weekly export sales report showed net export sales of US rice during the week ended on Feb. 17 at 44,700 tonnes, 55 percent below the previous week and 44 percent below the 4 week average.

ADM Investor Services, E.D. and F. Man International, Rosenthal Collins, R.J. O'Brien and LFG were noted as the key sellers on Friday.

Rice futures volume was estimated by the CBOT at 750 lots, below the 919 lots traded on Thursday.

Rice options volume was estimated at 65 lots.-Reuters