Eoin Treacy's view rough rice peaked at more than $16 in December and has fallen consistently, with a progression of trading ranges one below another, to today's level around $10. It has been ranging in the region of $10 since the beginning of July and has become relatively overextended compared to its 200-day moving average. While the decline remains consistent, I suspect that the $10 area is likely to offer additional psychological support and that the strong gains seen recently across the grain and bean complex offer potential that this neglected food stuff may attract greater investor attention. I initiated a long in the September contract paying $10.09 including spread-bet dealing costs. The risks to this trade are that rice's crop cycle is different to the other grains and beans and that since there has been an absence of upward dynamics the bears can continue to push prices lower for a while longer.