Rice futures commentary

Rice futures ended slightly stronger in a rebound from heavy recent losses. It seems the market is “trying to stabilize” following recent sell-offs, a floor trader says. Market participants tried to press down prices overnight but then bought the market in early dealings, he says. The bounce came after sharp losses earlier this month. May rice as of Friday’s close was down $1.33, or 9.7%, for the month. Prices rose Friday amid “lackadaisical activity” in neighboring grain markets, a trader says. CBOT wheat ended up in light trading, while CBOT corn and soybeans stumbled. The grain markets sometimes look to each other for direction. Wheat and rice are related because both are global food staples. May rice ended up 3 cents at $12.43 per hundredweight.