David Fuller's view Rough rice (weekly & daily) has been the laggard among coarse grains during the last few years. Nevertheless, the chart shows what could well be a large, completed Type-3 base formation as described at The Chart Seminar. If so, the current trading range looks like a lengthy consolidation in what is probably a first step above the base, prior to a resumption of the upward trend. Fundamentally, Thailand's record floods will have reduced the country's anticipated rice crop at a time when global demand for staple foods is still rising.

I bought rough rice this afternoon because the current reaction has approached potential support and looks somewhat overextended. I paid $16.2225 and $16.1950 for January positions, including a 40 basis points spread-bet dealing cost on the first purchase and 50 basis points on the second purchase which was in after-hours trading.