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CBOT rice ends mostly firm amid speculative buying

CHICAGO: Rough rice futures at the Chicago Board of Trade ended mostly higher on Monday, lifted by modest speculative buying, traders said.

CBOT rice settled unchanged to 3 cents per hundredweight (cwt) higher, with March unchanged at $5.58.

The market had little fresh fundamental guidance on Monday and activity largely was consolidation after sharp gains last week, traders said. Little commercial activity was seen.

Traders noted early speculative buying and some local short covering, but selling of 75 to 100 March contracts by Rosenthal Collins capped gains. ADM Investor Services and E.D. & F. Man International were early buyers.

In world news, the U.S. Department of Agriculture's Philippine attach raised its estimate for the country's 1999/2000 rough rice crop to a record 11.914 million tonnes from a previous estimate of 11.769 million.

Rice futures volume in Monday's pit session was estimated by the CBOT at 600 contracts, compared to 850 Friday.-Reuters