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CBOT rice ends weaker in continued pullback

CHICAGO: Rough rice futures at the Chicago Board of Trade ended with slight declines on Monday following very light activity, burdened by continued technical pullback from last week.

CBOT rice settled 1 to 5 cents per hundredweight lower, with March down 3-1/2 at $5.49.

Traders said the market's weak tone reflected a continued corrective setback from last week's climb to three-week highs. March closed at a three-week high of $5.53-1/2 on Thursday.

The market otherwise had little fundamental guidance and mostly drifted as traders awaited Wednesday's reports from the US Department of Agriculture on supply and demand.

Some traders expect the reports to show a reduction in world rice production estimates.

In the trading pit, ABN AMRO Inc. sold 30 to 40 March contracts late in the session, traders said. ADM Investor Services was a light buyer in what appeared to be speculative activity, traders said.

Rice futures volume in Monday's pit session was estimated by the CBOT at 100 contracts, compared to 357 Friday.-Reuters