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CBOT rice closes nearly flat in thin volume

CHICAGO: Rough rice futures at the Chicago Board of Trade closed nearly steady amid thin volume on Tuesday as traders awaited the latest U.S. Department of Agriculture world rice market prices released after the market closed.

USDA world prices showed long grain milled rice unchanged from last week at $7.42 per cwt, as expected by the market.

CBOT rice closed unchanged to 3 cents per cwt lower, with March unchanged at $5.79.

"It was pretty quiet, just waiting for the world prices," a trader said.

Traders said the large stocks of rice worldwide, while being met by brisk demand, continued to cap attempts to rally CBOT rice futures prices.

"I think we're in a trading range and we're near the top of that range now," a trader said.

Term Commodities was a noted seller of May while E.D. & F. Man International was buying March and selling May. Man also was a featured seller of the March and May rice calls in the options pit.

Rice futures volume was estimated by the CBOT at 500 lots, below the 1,222 lots traded Monday.-Reuters