US soy futures gained more than 2. percent on Friday, boosted by outside markets, especially a sharp rebound in the US stock market, after US government moves to bail out the financial sector. Chicago Board of Trade soy closed 27-1/2 to 36-1/2 cents per bushel higher, with November up 27-1/2 at $11.43-1/2 per bushel. Rally in crude oil also supportive.
Dry weather in the US Midwest over the next 5 days to help fields recover from recent rains and help corn and soy crops continue to move toward maturity. US cash soy bids steady to weak amid slow farmer selling.
November contract below all key moving averages and nine-day RSI at 37. Soymeal closed 10 cents to $4.70 per ton higher, with October up 10 at $312.50 per ton. Soyoil closed 2.48 to 2.50 cents per lb higher, with October up 2.48 at 46.92 cents per lb. Support stemmed from crude oil and gains in the stock market. Asian palm futures jumped 3.6 percent as oil hit $100.