US soybean futures on the Chicago Board of Trade ended mostly higher on Tuesday on the strength in crude oil and a weaker dollar, traders said. The soy market came off its highs late when crude oil slipped to $128 a barrel about a half hour before the CBOT closed. Earlier, crude hit a record top above $129, with Chicago commodities following.
Crude oil bounced back but CBOT markets remained pressured, with all closing off their tops. Also supportive to early trading was a slow US planting pace that could lead to lower yields. July soybeans ended 1-1/2 cents lower at $13.31-1/2 a bushel; deferreds were up 1/2 cent to 8-3/4 cents.
Soybean oil was the strongest of the complex as the crude oil rally lifted soyoil, a major feedstock for biodiesel. That led to spillover buying of soybeans and oil/meal spreading. July soyoil ended 0.83 cent per lb up at 61.03 cents; July soymeal ended $5.30 per ton down at $333.50.
Comments
Comments are closed.