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CBOT rice ends slightly higher on technicals

CHICAGO: Rough rice futures at the Chicago Board of Trade closed marginally higher on Wednesday amid technical support, traders said.

CBOT rice settled 1 to 3 cents per hundredweight (cwt) higher, with May up 2 cents at $5.81.

"There was some technical buying that helped the market to finish higher," a trader said, adding that futures saw early selling from Refco Inc. and ADM Investor Services.

He said Refco sold about 30 May contracts while ADM Investor Services sold about 50 May. Term Commodities was a buyer of about 50 May contracts.

There was some light buying interest in new crop September and November by Rosenthal Collins and E D&F Man International.

"Players are essentially picking a bottom," he added.

In other news, Indonesia said it would maintain its import tariff on rice until August, effectively squashing speculation the government would hike tariffs.

The country's rice import tariff currently stands at 30 percent.

Rice futures volume was estimated by the CBOT at 500 contracts, compared to 407 traded on Tuesday.-Reuetrs