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DJ CBOT Rice Review: Ends Lower On Dollar; Moving Sideways74 days ago
CHICAGO (Dow Jones)--Chicago Board of Trade rice futures Friday ended lower in a modest correction in a bearish environment for commodities generally.
January rice ended down 9 cents to $15.40 per hundredweight, and March rice ended down 8 1/2 cents to $15.66 1/2.
A stronger dollar weighed on rice, as concerns about Dubai's credit problem rippled through the markets. Dubai World, the city-state's largest corporate entity, late Wednesday asked for a six-month standstill on debt repayments.
But rice and other grains climbed from their lows Friday as the dollar trimmed gains, analysts said.
Long-term, many still see the outlook as bullish thanks to supply concerns in Asia. Both the Philippines and India are expected to be large importers because of weather problems this year. Large stocks in Thailand could mitigate supply shortages, according to some analysts.
The market has mostly moved sideways recently, trading between $15 and $15.50 in the January contract during the past eight trading days.
Looking ahead, analysts say the first week of December could be busy for the market, with tenders in the Philippines and Iraq.
About 16 suppliers, including state-owned Vietnam Southern Food Corp., are expected to make offers in a Philippine tender Tuesday for up to 600,000 metric tons of rice, the National Food Authority said Friday.
The world's largest rice importer in recent years plans to buy up to 1.8 million tons next month in a bid to shore up domestic supplies for 2010.
In addition to Tuesday's tender, the state-owned grain trader plans to buy 600,000 tons each in two tenders scheduled for Dec. 8 and Dec. 15. The purchase plan is expected to exert pressure on global supply and potentially cause sharp price increases.
Also, India's Farm Minister Sharad Pawar on Thursday said that procurement of rice, the country's main summer-sown foodgrain, from the grain bowl northern states is likely to be higher than last year's, despite drought in the region.
"This year, irrespective of a lot of odd situations, Punjab and Haryana farmers have saved their crops, and procurement of rice is more than last year," Pawar said.
India, the world's second-largest rice producer, is likely to be a net importer of rice for the first time in 21 years following the production shortfall, after the country received the lowest monsoon rainfall in 37 years. But comfortable stocks may cushion the impact.
-By Ian Berry, Dow Jones Newswires; 312-341-5778; ian.berry@dowjones.com
(Rhea Sandique-Carlos and Rajesh Roy contributed to this report.)
(END) Dow Jones Newswires
November 27, 2009 15:17 ET (20:17 GMT)
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