990401

CBOT rice ends lower on sell stops ahead of data

CHICAGO: Rough rice futures at the Chicago Board of Trade ended lower on Tuesday as sell stops were hit and as players bailed out ahead of Wednesday's release of U.S. quarterly stocks and planting data.

CBOT rough rice futures ended two to 7-1/2 cents per hundredweight (cwt) lower, with May down six cents at $7.39, the contract's lowest close since $7.40 on February 25.

"Sell stops were hit when May was around $7.40-$7.35 and July was $7.55-$7.50," one CBOT trader said. "There were also players getting out ahead of the reports tomorrow."

Traders said E D&F Man International and Tenco were noted sellers. They also noted light speculative technical selling.

The selling momentum of Monday carried over into Tuesday's session, they said.

CBOT rice futures volume was estimated by the CBOT at 400 contracts, compared to 612 on Monday.-Reuters