AFB Rice Close: Futures Appear to Have Found Technical Support
The near free-fall in rice futures finally stalled as futures appear to have found some technical support. September held at support at $15 yesterday, which has provided support for the market for over 3 months. The rice market continues to monitor the weather situation across the rice growing region. USDA said in the weekly condition’s report that 69% of the rice crop is in good to excellent condition.
|Long Grain Cash Bids||– – –||15.43|
|Long Grain New Crop||12.91||12.71|
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,