AFB Rice Close: Futures Post Solid Gains
Rice futures posted solid gains today, with September futures moving to the highest level in more than two weeks. However, November charted a bearish key reversal in Monday’s trade, and today saw the contract find resistance again at Monday’s high of $15.79 ½. In the meantime, prices continue to consolidate in about a $1 trading range between $15 and $16. The condition of this year’s rice crop continues to look good, but farmers are worried that cool, cloudy conditions could negatively impact grain fill during heading.
|Long Grain Cash Bids||– – –||1508/cwt|
|Long Grain New Crop||– – –||1395/cwt|
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,