Soyabean futures at the Chicago Board of Trade rose early on Thursday in a technical bounce, following the metals markets to higher ground, traders said.
All commodity markets have tended to rise together recently as managed funds pour more and more money into them. US gold and silver futures rallied to 25- and 22-year highs, respectively, as funds piled into the metals on hopes of boosting returns at the quarter's end.
May soyabeans were up 5-3/4 cents per bushel at $5.88-1/4 by 10:50 am CST (1650 GMT) - surpassing its 20-day moving average of $5.84-1/2. May soya met resistance at $5.89. just below its 50-day MA of $5.89-1/2.
The back months were 3-1/2 to 6-1/2 cents higher.
Commodity funds bought about 2,500 lots early Thursday, scattered among commission houses. Fimat USA, ABN-Amro, and Goldenberg Hehmeyer each bought 500 May, traders said.
There also were some supportive moves stemming from the options pit, with Fimat buying 2,000 July $6.60 calls.
An average of analysts' estimates pegged 2006 US soyabean acreage at 74.217 million, above 72.1 million seeded in 2005. Analysts forecast March 1 US soya stocks at 1.680 billion bushels, above last year's 1.381 billion.
Overnight export business featured South Korea tendering for 55,000 tonnes of US or Brazilian soyabeans, traders said.
CBOT soyameal and soyaoil followed the outside commodity markets higher. Both products were getting an extra lift from strong weekly exports sales data issued by USDA before the open, traders said.
CBOT May soyameal was up $1.40 at $180.10 per ton, with deferreds up $1.30 to $1.90. May soyaoil was up 0.21 cent per lb at 23.18 cents, with the back months up 0.19 to 0.25.
Comments
Comments are closed.