Food Industry
Industry: Email Alert RSS FeedSofts/Soybean Outlook: Weather Pressuring CBOT Soybeans Lower.
Resource News International, August, 2005
Byline: Phil Franz-Warkentin, Resource News International
Winnipeg, Aug 17, 2005 (Resource News International via COMTEX) --
SOYBEANS
Soybean futures at the Chicago Board of Trade (CBOT) dropped lower during the week ended August 17, pressured by bearish weather conditions in the US Midwest. While some short covering has helped values recover from their recent lows, the potential for further losses still remains, according to sources.
The CBOT November soybean contract fell below the key US$6.20 per bushel level on Monday, August 15, as the US Midwest saw beneficial rains. While values bounced back above the technical level, due to short covering in an oversold market, the charts still look negative, said Mark Hanson, of Benson Quinn...
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