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CME soybean futures closed sharply higher on Friday, with May soybeans up about 10¾ cents to $9.09¼ and July up to $9.23. Wheat and soymeal also rose, while soybean oil settled slightly lower.
Traders cited fund short covering, wet weather delaying planting, and optimism over expanded Chinese agricultural imports.
Short covering and planting delays from wet weather tighten expectations for supply, supporting soybean and corn prices. Soymeal strength reflects the same crush-driven demand picture.
agriculture.comMike McGinnisMar 15, 2019Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
Friday's higher soybeans and wheat on fund short covering and wet-weather planting delays reflect sentiment spillover into the next session.
