Commodity Online MUMBAI: Soybean futures soared to two-week highs Wednesday, spiking on bullish underlying fundamentals and supportive outside influences.
Tight old crop inventories and outlooks for the supply situation to carryon into the 2009-10 market year despite record planted acreage in 2009, served as a rallying point to lift futures, said Tim Hannagan, analyst with Alaron Trading in Chicago.
Weather is turning into a dominant issue for emerging crops following Tuesday’s acreage report, and with the uncertainty of future weather sellers ran for cover, traders said.
Trading platform that even a 5 year old can trade. Join nowWeather models have started to build heat into the central U.S. next week, and with an extended holiday weekend approaching, market shorts have all the risks, said Hannagan.
Outside financial markets addedd strength for most of the day. July soybeans settled 32 1/4 cents higher at $12.58 1/2 a bushel, and November soybeans finished 34 1/2 cents higher at $10.15 1/2.
Courtesy: CBOT Group
