Futures Market News
Soybean futures drive toward second consecutive weekly gain
Apr 06, 2012 12:06 PM
Prospects of a South American drought continuing are adding to the likelihood that soybean futures will achieve a second consecutive weekly gain, according to Bloomberg.
Worldwide harvests are projected to be smaller than forecast, which places the onus for demand on supplies produced by the U.S. production of the commodity from Brazil, the second-biggest grower of soybeans, is likely to be around 66 million metric tons, rather than the 68.5 million metric ton originally forecast, according to the U.S. Department of Agriculture.
"There's still some potential to the upside" for soybean futures, commodity fund manager Tetsu Emori with Astmax told Bloomberg. "We're still seeing some downgrade in production in South America."
At 2:15 p.m. on Thursday, soybean futures increased 1.02 percent, a 0.145 cent gain to $14.34 per bushel.
The South American nation trails only the U.S. for production of the commodity. Markets are closed in the U.S. for observation of Good Friday.
The Cattle Network reports Thursday's bullishness by soybean futures continued the strong performance from the day prior.
Don’t Miss Our News Updates!
Share dt News:
Follow our breaking news stories and get a unique take on current events that may impact the commodity futures markets. Multiple new articles are posted each weekday. Subscribe to our commodity news updates by email, and receive real-time updates with our RSS feed, follow us on Twitter @DanielsTrading, become a fan on Facebook to stay informed.
SPECIAL OFFER: Wealth Empowerment Guide
Learn how to trade commodity futures and options using funds from an IRA or 401(k)!
Is your IRA parked in some mutual fund, going nowhere? Why not take control? Trade futures direct with a broker, trade online, and even invest in a managed account with a Commodity Trading Advisor. We are here to help!
Special Offer
Register for Your Free 2-Week Trial of the dt Insider Market Advisory!
With your free trial membership, you'll receive full access to our exclusive trade recommendation service and all of the timely and accurate trade information you need to feel comfortable participating in the markets.
