Soyabean futures at the Chicago Board of Trade were higher at Wednesday's midsession on a technical bounce after sliding to a 1-1/2 year low this week, traders said.
Concerns about a soggy Midwest stalling harvest and possibly damaging the US soyabean crop added support along with firm US cash markets. "We're rebounding from yesterday but there doesn't seem to be a big push ... we're really not breaking out," one CBOT trader said.
There was a chance for frost in southern Minnesota and northern Iowa later next week, which could potentially damage soyabeans. September soyabeans were up 4-3/4 cents at $5.32 per bushel and November was 3-3/4 higher at $5.42-1/4 by 11:05 am CDT (1605 GMT).
The nine-day relative strength index for the November contract was hovering around 32, just above the 30 benchmark viewed as an oversold market. There were 577 September soyabean deliveries on Wednesday. While they remain large due to the significant price discount of cash to futures, there were fewer deliveries than earlier in the week. The deliveries were met by scattered stopping.
The last trading day for September futures is Thursday. CBOT September soyameal was $1.50 higher at $157.60, with the back months up 30 cents to $1.10. September soyaoil was up 0.34 cent at 24.55 cents, with the deferreds 0.27 to 0.40 cent higher.
Comments
Comments are closed.