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,
AFB Rice Close: Retraces Losses with Sharp Gains
November rice completely retraced Monday’s losses and ended the day up sharply. The market again found resistance at $15.60, however. USDA says that 94% of the U.S. crop has been harvested, while Arkansas farmers ended last week with 92% of their crop in the bins. World supplies are comfortable, with a large stockpile of rice in Asia looming over the market, limiting upside potential.
|Long Grain Cash Bids||– – –||1478/cwt|
|Long Grain New Crop||– – –||1387/cwt|