CHICAGO, May 19 (Reuters) - U.S. rice futures on the Chicago Board of Trade closed mixed on Monday after a volatile session, with the nearbys ending firm on a bounce after last week's sell-off, traders said.
* July rice <RRN8> saw a near 90-cent trading range before closing 23-1/2 cents higher at $20.30 per hundredweight. The back months ended 9 cents higher to 5 cents lower.
* Rice has been pressured by outlooks for a record world crop in 2008, after notching a record top in late April on supply fears and hoarding.
* The price spread between U.S. cash and futures prices is narrowing, a sign of stronger cash markets and a break from a long-term trend in which futures were priced significantly higher than cash.
* The daily limit for rice reverts to 50 cents from 75 cents as the market did not close limit up or limit down.
* USDA reported after the markets closed that U.S. rice planting was catching up, with 84 percent seeded versus the seasonal average of 87 percent.
* However, the top rice state of Arkansas was lagging, with just 75 percent of the crop seeded compared with the five-year pace of 94 percent. Additionally, U.S. emergence was behind at 60 percent versus the usual pace of 74 percent.
* The government rated 65 percent of the crop good/excellent, down from a year ago when 71 percent was in good/excellent shape.
* The Philippines seeks 200,000 tonnes of rice from Japan. [ID:nT348559]
* The Philippines to tender next week for 141,440 tonnes of rice. [ID:nMAN221401]
* Iraq's Ministry of Trade issued a freight tender to ship up to 120,000 tonnes of Thai rice, said Star Trading & Marine Inc, the ministry's freight agent.
* South Korea said it would sell 4,000 tonnes of imported rice to noodle-makers at nearly half the normal price in a bid to tame soaring domestic food prices. [ID:nSEO365440]
For a detailed report click on [GRA/]. (Reporting by Christine Stebbins; editing by Jim Marshall) ((christine.stebbins@thomsonreuters.com; +1 312 408 8720; Reuters Messaging:christine.stebbins.reuters.com@reuters.net)) Keywords: MARKETS CBOT RICE
WASHINGTON, May 19 (Reuters) - The top Republican on the U.S. Senate Banking Committee said housing finance companies Fannie Mae <FNM.N> and Freddie Mac <FRE.N> would fund a multi-billion dollar mortgage rescue plan under a legislative compromise he struck with the panel's Democratic chairman.
"This is a victory for the taxpayers. As far as the housing component is concerned, we're not funding this ... with taxpayers money, we're going to do it through a GSE affordable housing fund," Alabama Sen. Richard Shelby said on CNBC. (Reporting by Tim Ahmann) ((tim.ahmann@reuters.com; +1 202 898 8370; Reuters Messaging: tim.ahmann.reuters.com@reuters.net)) Keywords: USA HOUSING/CONGRESS SHELBY
By Caroline Valetkevitch
NEW YORK, May 19 (Reuters) - U.S.-listed shares of overseas companies dipped on Monday, with shares of some mining companies easing with a drop in copper prices.
The Bank of New York Mellon's index of leading American Depositary Receipts (ADRs) <.BKADR> fell 0.2 percent while the 30-share Dow Jones industrial average <.DJI> ended up 0.3 percent.
U.S. copper futures ended lower after a large build in London warehouse stocks and concerns over China's near-term demand outlook. Copper for July delivery <HGN8> settled down 5.10 cents at $3.7755 a lb.
Shares of global miner BHP Billiton <BHP.N> slid 1.6 percent to $93.49, while shares of Brazilian miner Co Vale Do Rio <RIO.N> fell 1 percent to $43.46.
The Bank of New York Mellon's index of leading European ADRs <.BKEUR> fell 0.5 percent. The FTSEurofirst 300 <.FTEU3> index of top European shares closed 0.96 percent higher.
The Bank of New York Mellon's index of leading Asian ADRs <.BKAS> edged down 0.01 percent. In Japan, the benchmark Nikkei <.N225> rose 0.4 percent.
Receipts with the Bank of New York Mellon's index of leading Latin American ADRs <.BKLA> rose up 0.7 percent. In Latin America, major benchmarks were mixed, with Mexico's IPC index <.MXX> up 1 percent. (Editing by Jonathan Oatis) ((caroline.valetkevitch@thomsonreuters.com; +1 646 223 6393; Reuters Messaging:caroline.valetkevitch.reuters.com@reuters.net)) Keywords: MARKETS STOCKS ADRS
WASHINGTON, May 19 (Reuters) - The two top members of the U.S. Senate Banking Committee announced on Monday that they have a deal that will create a multi-billion dollar mortgage rescue fund and a new regulator for Fannie Mae <FNM.N> and Freddie Mac.
"The bill addresses the root of our current economic problems - the foreclosure crisis - by creating a voluntary initiative at no estimated cost to taxpayers which will help Americans keep their homes," Christopher Dodd, Democrat chairman of the Senate Banking Committee, said in a statement.
The deal he reached with Sen. Richard Shelby, the panel's top Republican, will also create a new regulator for the two mortgage-finance giants.
((patrick.rucker@thomsonreuters.com; +1-202-310-5474; Reuters Messaging: patrick.rucker.reuters.com@reuters.net)) ((Multimedia versions of Reuters Top News are now available for: * 3000 Xtra: visit http://topnews.session.rservices.com
* BridgeStation: view story .134 For more information on Top News: http://topnews.reuters.com)) Keywords: USA HOUSING/CONGRESS
BUENOS AIRES, May 19 (Reuters) - Argentina's primary budget surplus jumped 73 percent in April from a year earlier, to 2.79 billion pesos ($869 million), Economy Minister Carlos Fernandez said on Monday.
The result was in line with expectations in a central bank survey, where the median forecast was 2.7 billion pesos. The surplus in April 2007 was 1.62 billion pesos.
($1 = 3.21 pesos) (Reporting by Damian Wroclavsky; writing by Fiona Ortiz; Editing by Dan Grebler)
((e-mail: buenosaires.newsroom@thomsonreuters.com; telephone: +54 11 418 0618; Reuters Messaging: fiona.ortiz.thomsonreuters.com@thomsonreuters.net)) Keywords: ECONOMY ARGENTINA/BUDGET
Next: TREASURIES-Bonds climb as tech shares hobble stocks