|
Headlines
Market news and breaking stories live from Dow Jones Newswires
Market Commentary
A technical analysis commentary of the major markets, only from INO
Smart Scan
A premium service, alerting you to changes in the market by web and email.
Extreme Futures / Stocks
Extreme Markets from all exchanges, updated throughout the trading day.
|
| |
|
Trade Triangle Technology, Advanced Charts, SmartScan, Trading Workshops.
The premier online video learning platform for traders.
Daily Portfolio Scan and Analysis
|
| |
|
CBOT Rice Review: Closes Near One-Year High11 days ago
CHICAGO (Dow Jones)--Chicago Board of Trade rice futures closed near one-year highs Monday, extending recent gains on support from outside markets and news of a tender from the Philippines.
Nearby November rice jumped 11 1/2 cents to $15.06 1/2 per hundredweight, its highest close since Nov. 11, 2008. January rice finished up 7 cents at $15.22 1/2.
The market finished higher with neighboring corn, soybeans and wheat as the U.S. dollar fell and as gold and crude oil prices climbed. The supportive tone in outside markets helped lift all the grains and the soy complex, traders said.
Rice has found fundamental support recently from potential production troubles in India, the Philippines and the U.S. News the India intends to import a significant amount of rice has added to the bullish storyline.
On Monday, the Philippines said it will seek to buy up to 600,000 tons of rice in a tender to be held Dec. 1. That is the "biggest individual tender in a long time," said Ed Taylor, analyst for firstgrain.com.
The Philippines wants to the buy 25%-broken grade rice for shipment between February and April next year. The rice will mostly likely come from Asia, Taylor said.
"It should support Asian prices, which will in turn support U.S. prices," he said.
Traders are waiting to see U.S. Department of Agriculture reports due out at 8:30 a.m. EST Tuesday. There are expectations that production estimates may be "a little negative" for CBOT rice, and uncertainty kept some people out of the market Monday, Taylor said.
It could be disappointing for traders and short-term bearish for the market if the USDA does not confirm crop losses in the U.S. Delta due to excessive wetness, Taylor said. Worries about crop problems have been supportive for CBOT rice, but the market wants to see confirmation of losses from the USDA, he said.
"It just seems like the government's very slow to react, as far as how much rice has been lost in the Delta due to those huge rains," Taylor said. "The thought is that it may not reflect any decrease in production because they don't have enough information yet."
In other international news, India's State Trading Corp. received five bids for its tender to import 10,000 metric tons of rice, a senior company official said. The rice will be sourced mainly from Vietnam, Thailand and Pakistan, the official said.
- By Tom Polansek, Dow Jones Newswires; 312-341-5780; tom.polansek@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=MJzxBhF%2FjzBefbmnV8by9Q%3D%3D. You can use this link on the day this article is published and the following day.
< Back to News Index
|
