HALISTER1: SOY: Prices Rise to Highest in Two Months on Investor Buying

SOY: Prices Rise to Highest in Two Months on Investor Buying

(Bloomberg) -- Soybean futures for Jan. delivery rise 1.3% to $10.15 a bushel on Chicago Board of Trade after earlier touching $10.16 1/2, highest for contract since Aug. 23.
  • Hedge funds increased bets on higher prices third 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 rise 2.4% to $315.70 per 2,000 lbs
  • Price heads for a fourth straight gain, longest rally since Sept. 8
  • Soybean-oil futures for Dec. delivery unchg at 35.8c/lb
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Dan Cekander (DC Analysis LLC)

Topics
BFW Grain/Soy Futures Update
First Word Agriculture

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