Agfax Buzz:

    October 4, 2013

    AFB Rice Close: Prices Continue Lower

    AgFax.Com - Your Online Ag News Source

    Closing commodity reports from the Arkansas Farm Bureau Commodity Staff.

    Rice Comment

    Harvest pressure and the expiration of the farm bill continue to weigh on rice futures. A 100 million metric ton stockpile of rice in Asia is also looming large over the market. November futures have violated several levels of support so far this week and ended the week by charting a bearish reversal on Friday. The next level of support is the March low of $14.77. On the weekly continuation, there is support at $14.63 and $14.50. Psychological resistance will be seen at $15 on a rebound.



    High Low
    Long Grain Cash Bids - – - 1417/cwt
    Long Grain New Crop - – - 1315/cwt

     

    Futures:
    High Low Last Change
    Nov ’13 1517.0 1485.5 1487.0 -3.0
    Jan ’14 1536.5 1507.0 1508.0 -4.0
    Mar ’14 1537.0 1531.0 1526.0 -5.5
    May ’14 1543.0 -5.0
    Jul ’14 1556.5 -5.0
    Sep ’14 1414.5 -5.0
    Nov ’14 1414.5 -5.0

     

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