MUMBAI (Commodity Online): Soybean futures settled sharply higher Monday, rallying to 6- week highs on a combination of harvest slow downs and speculative money flow into commodities, analysts said.
Adverse weather conditions for the harvest of the 2009 U.S. soybean crop as well as cold conditions that may have damaged some immature plants provided bullish fundamentals for the market, a CBOT floor analyst said.
The delay in harvest progress will slow the flow of soybeans into the cash pipeline at a tight when end users are scrambling for new crop supplies.
Trade commodities or equities from across the globe. Join NowSpeculative buying was featured as well, as weakness in the U.S. dollar continued to attract fund based buyers.
The renewed money flow into commodities is seen as a hedge by funds against inflation amid the declining U.S. dollar, a CBOT floor analyst said. November soybeans finished 35 cents higher at $9.99 per bushel.
Courtesy: CBE Group
