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In recent months, the Chicago Board of Trade (CBOT) soybean futures fell on the second day in a row to lock in profits and the hedgers thought soybean prices hit a highest price in three and a half weeks. Soybean contract of November decreased, far-month contract rose as traders settled arbitrage trading. The November futures were expired on 27th October, the strike price was to attract prices close to the level of outstanding contracts at $ 15.60.
Soybean closed up, rose in the seventh day of past 8 days, because U.S. soybean cash market price increased. U.S. domestic soybean processors were forced to raise the bid to buy soybean otherwise the soybean will be exported.
Traders present the conflicting views of the South American soybean crop area weather. South American soybean is predicted of high yield in 2013. Local weather forecast agency Somar said this weekend rainfall would already come over southern Brazil cereal area, making things worse.
Soybean contract of SX2 increases by 17-1/4 cents at $ 15.70-1 / 2 per bushel. The settlement price is higher than the 100-day moving average price, which is the first time in recent two weeks. U.S. Department of Agriculture confirmed that the export is 105,000 tons of. soybeans. Analysts expect the U.S. Department of Agriculture of export sales of U.S. soybeans last week is about 65-85 million tones.