20000302CBOT rice ends mostly lower, sets contract lows

CHICAGO: Rough rice futures at the Chicago Board of Trade closed mostly lower on Tuesday, setting contract lows on stop-loss selling, traders said.

CBOT rice settled 5 cents per hundredweight (cwt) lower to 3 cents higher, with May off 3-1/2 at $5.54. May's new contract low is $5.50, down from $5.55.

"There was stop-loss selling at the $5.55 to $5.50 level in May, and locals were mostly the buyers," one trader said, adding that 369 contracts were posted for delivery against the March contract. Tuesday is the first notice day for deliveries against the CBOT March agricultural futures.

He said Rosenthal Collins spread nearly 100 March-May contracts at 28 and 29 cents.

Traders also said the rice market remained under pressure from the large stocks of rice worldwide and on the recent improved crop weather for rice in the US planting areas.

The US Department of Agriculture on Tuesday reported no changes in world market prices of milled rice from a week ago.

Long grain whole kernels held at 7.42 cents per lb while medium grain whole kernels remained at 6.95 cents.

Rice futures volume was estimated by the CBOT at 800 lots, compared with 947 contracts traded Monday.-Reuters