AFB Rice Close: Prices Continue Lower
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.
|Long Grain Cash Bids||– – –||1417/cwt|
|Long Grain New Crop||– – –||1315/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,