SOY: Prices Rise to Highest in Three Months on Investor Buying
(Bloomberg) -- Soybean futures for Jan. delivery rise 1.9% to close at $10.21 a bushel on Chicago Board of Trade after touching $10.22, highest for contract since July 21.
- Volume for the rolling most-active contract was 36% higher than the prior 3-month average
- Hedge funds increased bets on higher prices for three straight weeks, govt data through Oct. 18 show
- “Investors are buying because of a lack of confidence in alternative investments likes stocks or bonds,” Dan Cekander, the president of DC Analysis in River Forest, Ill., says in a telephone interview
- NOTE: S&P 500 Index of U.S. equities heads for third straight monthly loss
- “Market is also adding a bigger weather risk premium for South America crops”
- NOTE: Rain Benefits Brazil Crops; Argentina Gets Too Wet
- Soybean-meal futures for Dec. delivery jumps 3.5% to $319.10 per 2,000 lbs, biggest gain for contract since May 10
- Soybean-oil futures for Dec. delivery fall 0.2% to 35.72c/lb
Alert:
HALISTER1Source: BFW (Bloomberg First Word)
People Dan Cekander (DC Analysis LLC)
Topics BFW Grain/Soy Futures Update
First Word Agriculture
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