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CBOT rice ends higher on commercial support

CHICAGO: Rough rice futures at the Chicago Board of Trade ended higher on Thursday amid commercial buying and strong cash markets, CBOT dealers said.

CBOT rice settled 2-1/2 to 11 cents per hundredweight (cwt) higher, with January up 7 cents at $5.36.

"Term (Commodities) was a buyer in the March throughout the session," one CBOT trader said. "Locals were sellers."

He said cash markets were strong, as indicated on Wednesday by the cancellation of 100 CBOT warehouse receipts. "The cancellations show that cash prices are strong," he added.

There was light hedging pressure in new crop months but trading volume was thin.

The trader said spread activity was also slow, with just one player spreading January/March at 18 cents.

Rice futures volume was estimated by the CBOT at 205 contracts on Thursday, compared with 350 traded on Wednesday.-Reuters