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CBOT rice closes higher on technical bounce

CHICAGO: CBOT rice futures closed quietly higher on a technical bounce from key chart support levels, traders said.

"There is major support from $9.35 to $9.48 basis the nearby month (May)," a trader said.

The session low for May was $9.31 per cwt.

Also farmer selling is light and the strong performance in soybean futures is leading to ideas for a cutback in rice acreage, they said.

"The overseas markets are quiet and steady at these lower levels," the trader said.

Rice closed two to 9-1/2 cents per cwt higher, with May up 9-1/2 at $9.52 per cwt.-Reuter