CHICAGO: Chicago Board of Trade (CBOT) soybean futures settled slightly higher on Wednesday after trading on both sides of previous levels, supported by short-covering and technical buying after prices hit two-week lows, traders said.
* CBOT March soybeans rose 1-1/4 cents to $8.94-1/2 per bushel. The contract held chart support at its 100-day moving average for a second straight session.
* CBOT March soymeal ended up 80 cents at $310.10 per short ton while March soyoil fell 0.01 cent to 28.23 cents per pound.
* Concerns about lower soybean yield prospects in South America due to adverse weather underpinned the market.
* Brazilian agribusiness consultancy Céleres on Wednesday cut its soy harvest forecast for the country to 117.2 million tonnes due to drought, down 5 million from its previous forecast.
* Worries about African swine fever in China anchored prices as culling of the hog herd there would reduce demand for soybeans.
* Still, traders are watching for any renewed soybean demand from China following promises by Beijing to purchase "a significant amount" of US agricultural goods and other products.
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