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CBOT rice closes lower on spillover plantings data

CHICAGO: CBOT rice futures closed lower on spillover from Friday's drop that was triggered by a bearish U.S. prospective plantings report, traders said.

"The increase in planted acreage continues to check rallies," a trader said.

U.S. rice acreage was pegged at 2.985 million acres down from 3.121 million acres in 1995. Analysts surveyed estimated U.S. rice acreage at 2.50 million to 2.75 million acres.

Dealers noted, however, that the data should be treated with caution as farmers plans were as of March 1 and the final seedings tally may not reach that.

Trading was quiet and volume was thin with a soft tone in the benchmark Thai market lending pressure. Also reports China has raised its procurement price lent pressure to U.S. prices, the traders said.

Technically the May is finding support from $9.48 to $9.55 per cwt and resistance at $9.80 to $9.90.

Rice closed four to six cents per cwt lower, with May down five at $9.65 per cwt.-Reuter