3:22 (Dow Jones) US soybean futures end slightly higher, rebounding from early
losses thanks to support from corn. Soy fell along with ag futures generally in
the early going, but rallied as corn bounced from 1-year lows. Uncertainty about
the soy crop in South America, where forecasts are lacking rain, is also
underpinning prices, although some traders are dismissive of those concerns.
"There's been more talk this week of South American weather turning drier, but
it's just talk," says Tim Hannagan of PFG Best. Farm Futures adds the market was
supported early by talk of renewed Chinese demand. January CBOT soy ends up 3
1/4c at $11.29 1/2 a bushel while December soymeal rose $1.10 to $282.20/short
ton. December soymeal, burdened by weaker crude oil, fell 0.09c to 49.98c/pound.
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