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CBOT rice ends near 8-week high on better exports

CHICAGO: Rough rice futures at the Chicago Board of Trade climbed to the highest levels in nearly eight weeks on Friday, spurred by stronger export readings and continued technical strength.

CBOT rice settled 8 to 10 cents per hundredweight (cwt) higher, with March up 10 at $5.94, the contract's highest close since $5.97 on Dec. 6.

Weekly export data released early Friday by the US Department of Agriculture showed a sharp increase over previous weeks, reinforcing trade talk earlier this week of improved export activity.

The USDA listed net US rice sales for the week ended Jan. 20 at 103,600 tonnes, 48 percent above the previous week and 29 percent over the four-week average.

In the trading pit, speculative buying pushed prices higher from the early going, traders said.

Rosenthal Collins, Lehman Brothers, LFG, LLC and ADM Investor Services were prominent buyers, traders said. Term Commodities was an aggressive buyer in May contracts from the open, and also bought March and November. Farmers Commodities Corp. was a seller, as were locals.

Rice futures volume in Friday's pit session was estimated by the CBOT at 1,100 contracts, compared with 979 Thursday. -Reuters