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U.S. soybeans extend bounce from 3-month low

Published 01/22/2015, 06:26 AM
Updated 01/22/2015, 06:26 AM
Soybean futures extend rebound from 3-month low

Investing.com - U.S. soybean futures rose for the second consecutive session on Thursday, as investors returned to the market to seek cheap valuations in wake of recent losses which took prices to the lowest level in almost three months.

On the Chicago Mercantile Exchange, US soybeans for March delivery inched up 3.67 cents, or 0.37%, to trade at $9.8788 a bushel during U.S. morning hours.

A day earlier, US soybeans for March delivery tacked on 1.4 cents, or 0.15%, to settle at $9.8340.

Prices of the oilseed touched $9.7220 on Tuesday, a level not seen since October 23, amid concerns over weakening demand from China and as optimism over crop prospects in Brazil and Argentina underlined worries over ample global supplies.

Meanwhile, US corn for March delivery rose 0.97 cents, or 0.25%, to trade at $3.8938 a bushel.

On Wednesday, corn prices lost 2.2 cents, or 0.58%, to close at $3.8800, after hitting a session high of $3.9240, the most since January 13, as investors booked profits amid indications of plentiful global supplies.

The U.S. Department of Agriculture said on January 12 that the U.S. harvest totaled 14.216 billion bushels last year on yields of 171 bushels an acre, both record-highs.

Elsewhere on the Chicago Board of Trade, US wheat for March delivery advanced 2.42 cents, or 0.45%, to trade at $5.3963 a bushel.

The March wheat contract dipped 0.2 cents, or 0.05%, to end at $5.3660 on Wednesday.

Wheat has been under heavy selling pressure in recent weeks amid ample global supplies and indications of reduced demand for U.S. wheat.

Corn is the biggest U.S. crop, followed by soybeans, government figures show. Wheat was fourth, behind hay.

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