AFB Rice Close: Futures Take Big Hit
Rice futures took a hit late in the session and closed substantially lower. Demand remains steady with mills look into the first of the year. January futures have resistance at $15.60, which if penetrated would suggest a potential move to $15.82 which is the 62% retracement objective.
|Long Grain Cash Bid for||Dec||1415/cwt||to||– – –|
|NC||1451/cwt||to||– – –|
|Chicago Futures:||Jan||down||17 1/2||at||1534 1/2|
|Today’s Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
The ICE Dec and Mar contracts gave back 160 and 87 points on the week, respectively, as last week’s inversion between the two contracts gave way to partial carry. Well,