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|
By the time this year’s fall-born calves are being weaned, the cattle industry will be looking at prices 5% to 15% lower than they are today — think somewhere between