Soybean Futures Soar on Inflationary Buys
November 7th, 2007Via: FXStreet:
Chicago Board of Trade soybean futures ended sharply higher Tuesday, rallying to 3-year highs on speculative led buying tied to inflationary fears.
November soybeans settled 23 3/4 cents higher at $10.29 1/2 and January soybeans ended 23 1/2 cents higher at $10.44 1/2. December soymeal settled $7.70 higher at $284.60 per short ton. December soyoil finished 106 points higher at 43.62 per pound.
A dearth of fresh fundamental news kept traders focused on outside influences, with soaring metal futures, record high crude oil prices and weakness in the U.S. dollar promoting broad-based commodity wide buying, said Vic Lespinasse, an analyst with Illinois Grain.
The market will probably stay focused on outside influences until the release of fresh fundamental data in Friday’s U.S. Department of Agriculture crop reports, he added.
