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CBOT rice closes firm on light commercial buying

CHICAGO: Rough rice futures at the Chicago Board of Trade closed higher on Tuesday on light commercial buying that persistently surfaced near the session lows, traders said.

Rice closed 4 to 5 cents per cwt higher, with March up 5 at $5.45. May was up 4 at $5.70.

"Term supported the market near the low end of the day's range but fundamentally there was little or no change," a trader said. "There's a huge supply of rice hanging over the market."

Gains were limited by the large rice stocks and by a late sag in CBOT soybeans and corn, the traders said.

Noted buyers included E.D. & F. Man International, ADM Investor Services, Lind Waldock and LFG, traders said.

Locals were featured sellers and Farmers Commodities Corp. along with Rosenthal Collins were noted sellers near the day's highs, traders said.

Rice futures volume was estimated by the CBOT at 650 lots, above the 127 lots traded on Monday.-Reuters