Chicago Board of Trade soybean futures finished higher on short covering on Tuesday as the market extended a rebound from a four-year low reached last week.
Chicago Board of Trade soybean futures turned lower on a choppy, lower-volume session on Monday, as weakness in the energy market and mild weather forecasts for Brazil's oilseed crop weighed on prices, market analysts said.
Chicago soybean futures rose on Friday, driven by short-covering ahead of the weekend and technical buying, after forecasts for a bumper South American crop sent soy futures plunging to a four-year low a day earlier.
Chicago soybean futures rebounded on technical buying on Thursday after plunging to a four-year low, while wheat fell to lifetime lows as a strong dollar added to concerns about competition from other exporting zones, traders said.
Chicago soybean futures fell to a four-year low on Wednesday, pressured by bumper crop prospects in Brazil and a slide in soyoil prices after a proposed U.S. government spending bill failed to include support for biodiesel, traders said.
Chicago soybean futures sank to life-of-contract lows on Tuesday as favorable crop conditions in Brazil and weak Chinese demand for U.S. soybeans hung over the market, traders said.
Chicago corn and soybean futures seesawed on Monday as market players weighed an uptick in fund buying interest against the prospect of a bumper South American corn and soy crop, traders said.
Chicago Board of Trade (CBOT) corn and wheat futures fell back on Thursday on a stronger dollar following rate cuts by the European Central Bank, technical trading and slower-than-anticipated weekly export sales, according to analysts.
Chicago Board of Trade corn futures jumped to a five-and-a-half month high on Tuesday, after the U.S. Department of Agriculture slashed domestic corn supply forecast by more than the market had expected.