US soybean futures ended with modest gains, breaking a three-day string of losses. Market managed to rebound from declines that held for most of the day, with buying emerging near the close as traders covered shorts ahead of the weekend, analysts say. Lingering worries about crop potential in southern Brazil and unwinding of long corn/short soybean spreads aided the recovery, analysts add. Traders say soy prices must gain against Corn to attract acreage this year. CBOT March soybeans ended up 1 1/2c to $12.29/bushel.
Soy-product futures end mostly lower, succumbing to broader commodity weakness in the absence of fresh supportive news. Soyoil continued to before better versus soyoil as traders are optimistic about world vegoil demand. CBOT March soyoil fell 0.01c to 52.53c/pound while March Soymeal dropped $1 to $320/short ton.
(Courtesy: CME Group)
