June 29, 2003	Sunday	Rabi-us-Sani 28,1424

CHICAGO, June 28: Chicago Board of Trade rough rice futures ended firm on Friday on commercial buying and liquidation of short positions after nearby July sank to an early 2-1/2 month low, brokers said.

Today commercials were really good bidders in the back, said Jack Scoville, grain analyst and vice president at Price Futures Group. And I also heard there may be some receipts canceled which would imply that the price has gotten so cheap that cash has become favorable to the board. They got it cheap enough that it makes sense to take the cash.

Rice futures ended up 3-1/2 to 9 cents per hundredweight, with July up 9 cents at $5.61 and Sept up 8 cents at $6.42.

CBOT July rice fell in early trade to a low of $5.45 per cwt, the lowest level since April 4, before ralling to close just below the key 100-day moving average of $5.67.—Reuters