CHICAGO- Chicago Board of Trade soybean futures exceeded a three-week high as demand from end users helped push soybean oil above a one-month peak, traders said.
Spillover support from soyoil’s rally lifted soybeans while corn futures slumped, traders said. Soyoil has advanced more than 22 percent since dropping on May 31 to its lowest price since February 2021.
“End-user bargain buying boosts soyoil prices as the charts start to turn, triggering speculative short-covering as well,” said Arlan Suderman, chief commodities economist for broker StoneX.
The most-active soybean contract ended up 23-1/4 cents at $13.86-1/2 a bushel and reached its highest price since May 16. Soyoil hit its highest price since May 8 and settled 2.09 cents stronger at 54.59 cents per pound.
“The biofuel guys were buying the (soyoil) market over the past several weeks and some of the food end users may have gotten caught for spot coverage,” said Terry Reilly, senior commodities analyst with Futures International. – Reuters
