November rice closed 9 cents lower at $7.18 per hundredweight, finding support just above its 30-day moving average of $7.16. The back months settled 6 cents lower.
There was active selling at the close by Man Financial, likely fund-related, floor traders said. Commercial buying underpinned prices. Firms were still rolling November positions ahead of the delivery period at month's end.
The November-January spread traded at 27-1/2 cents, it's widest since firms began rolling November positions. The large market carry is one indicator of plentiful nearby supplies, thus encouraging farmers to hold freshly harvested rice.
US cash markets were quiet with harvest basically complete. The US Agriculture Department said late on Monday that 97 percent of the US rice crop was off the field, compared to 93 percent the week before.
Volume was large estimated 1,542 futures and 16 options. That compared to 3,647 contracts traded on Monday. The Commodity Futures Trading Commission reported on Monday that large speculators remained heavily weighted to the long side.
In futures/options combined, funds were long 2,573 futures, down 126 contracts, and short 796, down 205.