MUMBAI (Commodity Online): Soybean futures settled higher Friday, managing to carve out modest gains on the end-of-the-day position evening. The market shook off the bearish influence of a rising U.S. dollar, bouncing back from session long losses on late positioning and short-covering, analysts said.

The weight of a rallying U.S. dollar sent negative waves filtering through commodities in general. However, the ability of May futures to hold technical chart support and a lack of aggressive selling enabled futures to find strength to climb into positive territory down the stretch.

The market mirrored the activity of Thursday’s session, managing to escape the negative clutches of bearish outside markets as traders took profits on short positions ahead of the weekend.

However, despite the firm finish, upside potential remained limited by private forecasts for increased 2010 U.S. soybean acres and weakening cash basis levels amid the rapid advancement of the South American harvest, traders said. Nearby May soybeans, which is also the most active contract, settled 2 1/4 cents, or 0.23%, higher at $9.61 3/4.

Courtesy: CBE Group

Post your comment  (0)

Connect:

Post to Twitter

Post to Facebook