CHICAGO, Jan 19: Chicago Board of Trade rough rice futures closed firmer Friday on speculative buying of small-lots, traders said.

CBOT rough rice ended 2 to 4-1/2 cents higher, with January up 2 at $3.60 per cwt and March up 4-1/2 at $3.83 per cwt.

There was commercial selling near the high of the day, one rice trader said.

March hit a high of $3.87 before it retreated.

Traders said that demand would be the driver of the rice market into the spring. Heavy US supplies after this year’s record crop of 213 million cwt, up from the previous record of 206.0 million set in 1999, were seen keeping a lid on any substantial up move.

The January rough rice contract expires on Tuesday. CBOT January open interest was 36 contracts before Friday’s open, even with Thursday’s count. There were 31 deliveries posted on Friday against the January contract, with Iowa Trading and USA Trading the stoppers.—Reuters