20000301

CBOT rice ends lower on long liquidation

CHICAGO: Rough rice futures at the Chicago Board of Trade closed lower on Monday on long liquidation ahead of on Tuesday, first notice day for deliveries on the on March contract, traders said.

Rice closed 2 to 5 cents per cwt lower, with on March down 5 at $5.27. May closed down 4-1/2 at $5.57-1/2.

"It was just continued liquidation in front of first notice day. They're expecting anywhere from 200 to 400 lots to come out," a trader said.

Traders also said the rice market remains under pressure from the large stocks of rice worldwide and on the recent improved crop weather for rice in the US paddy areas.

ADM Investor Services was a noted seller of the May, and E.D. and F. Man International and Term Commodities each was a noted purchaser of the May.

Rice futures volume was estimated by the CBOT at 850 lots, below the 1,074 lots traded on Friday.-Reuters