CHICAGO: Soybean futures on the Chicago Board of Trade ended higher on Friday, rallying toward the closing bell on short-covering that helped erase early declines tied to chart-based selling and long liquidation, traders said.
* Commercial pricing emerged at the day's lows to help underpin the market, they said.
* Volume in soybean futures was light at about half the prior 30-day average, but soyoil volume was up 35 percent from its 30-day average.
* For the week, spot CBOT soybeans were up 0.2 percent on continuous charts, halting a two-week slide.
* Soymeal futures ended higher but soyoil closed lower as traders unwound long soyoil/short soymeal spreads.
* Soy market underpinned by a setback in the dollar, which fell against the euro on the possibility the European Central Bank will lend to the International Monetary Fund to bail out bigger euro zone economies.
* USDA confirmed sales of 124,500 tonnes of US soybeans to China for 2011/12 delivery, the second large sale to China in as many days. Traders said soybeans rallied on talk of the sales earlier this week.
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