MUMBAI (Commodity Online): Soybean futures settled rallied Wednesday to session highs near the close on broad commodity buying. Oversold market conditions and a lack of fresh fundamental news allowed a weaker U.S. dollar and higher Crude Oil futures to attract investment buying in soybeans, analysts said.

The buying pushed prices above resistance levels on technical charts, enticing traders to cover previously sold positions. Meanwhile, “aside from very supportive outside markets, the buy-side was helped by continued bullish weather,” said Mike Zuzolo, president of Global Commodity Analytics.

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“Soybean weather in South America is also still providing support by causing minor delays in loading ships as well as continued rainy forecasts in the next six days likely stalling harvest efforts from getting at full-stride,” he added.

Nearby CBOT May soybeans, also the most-active contract, settled 14 cents, or 1.48%, higher at $9.59 a bushel.

Courtesy: CBE Group

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