Chicago Board of Trade (CBOT) soybean futures rose in Asia on Monday on short-covering after last week's sharp decline in Chicago. In e-CBOT trade, the nearby August soybean contract was up 13 1/2 cents a bushel at $6.72 at 0130 GMT.
"Last week's decline in Chicago was very sharp, and we are now seeing some short-covering" a Japanese trader said. Soybean futures on CBOT fell to 2 1/2-month lows early on Friday on fund selling and closed lower though above the day's lows on a late bout of short-covering.
Forecasts for potential rain late this week weighed on the market throughout the session, but soy showed some buoyancy near the close. On Monday, new-crop November was up 11 cents at $6.80.
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