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CBOT rice ends lower on sell-stops, technicals

CHICAGO: Rough rice futures at the Chicago Board of Trade ended lower Tuesday amid technical weakness and as sell-stops were hit, CBOT traders said.

CBOT rice settled 7 to 12 cents per hundredweight (cwt) lower, with May off 12 cents at $5.70. New crop November was down 11 cents at $6.78.

"The market is technically weak. There was aggressive selling early, and sell- stops were hit when May was below the $5.70 level," one trader said.

He said E D&F Man International and ADM Investor Services were featured sellers of about 100 May contracts each. He said Term Commodities was a buyer in the May and July.

Meanwhile, there were conflicting signals from Indonesia over the country's rice import contracts.

Trade and Industry Minister Yusuf Kalla said there were no plans to cancel import contracts while Agriculture Minister M. Prakosa reportedly said imports would be stopped or import contracts canceled.

The two ministers have often issued conflicting statements about the government's efforts to protect farmers who are reeling from a slump in the price of unhusked rice.

Rice futures volume was estimated by the CBOT at 1,000 contracts, compared to 366 traded on Monday.ÑReuters