Food Industry
Industry: Email Alert RSS FeedSofts/Soybean Outlook.
Resource News International, August, 2006
Byline: Phil Franz-Warkentin, Resource News International
Winnipeg, MB, Aug 23, 2006 (Resource News International via COMTEX) --
SOYBEANS
Soybean futures at the Chicago Board of Trade (CBOT) managed to post small gains during the week ended August 23 after initially moving lower, signalling that the market may have found a bottom for the time being.
"I think we've bottomed out and could work a little higher here," said Vic Lespinasse of AG Edwards and Sons in Chicago. He noted that the funds accumulated a large short position in soybeans and are now starting to buy back those positions. In addition to the fund short-covering, export sales and domestic crush data could also lend some support going forward.
However, Lespinasse...
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