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CBOT rice ends higher on commercial buying

CHICAGO: Rough rice futures at the Chicago Board of Trade closed higher on Wednesday amid strong commercial buying, traders said.

CBOT rice settled 6 to 12 cents per hundredweight (cwt) higher, with May up 11 cents at $5.65. New crop September was up 7 cents at $6.73.

"There was some aggressive buying by Salomon Smith-Barney of about 120 May contracts and this gave the market the impetus to go higher," one trader said, adding that the company later sold about 25 May contracts.

Light selling in new crop September by E D&F Man International was noted, while Term Commodities was a seller in front months, the trader said.

Rice futures volume was estimated by the CBOT at 800 lots, compared with 806 contracts traded Tuesday.-Reuters