MUMBAI (Commodity Online): Soybean futures at CBOT ended higher Tuesday, continuing to recover from last week’s lows on exhausted selling and supportive outside market influences.

Nearby CBOT May soybeans, also the most-active contract, settled 15 cents, or 1.61%, higher at $9.45. Limited cash market selling in the U.S. and South America provided fundamental support for prices, with optimistic outlooks for export demand amid logistical problems in Brazil added to the firm tone, analysts said.

Weakness in the U.S. dollar combined with sharp gains in Crude Oil futures gave the market a psychological boost in the absence of any other fresh fundamental news.

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The ability of futures to find an area of value above February lows Monday, coupled with tight domestic supplies served as another supportive feature to encourage buying, analysts said.

Courtesy: CBE Group

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