Chicago soy future rallies to one-month high on improved outside markets

08:25, March 23, 2010      

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Soybean futures in Chicago Board of Trade climbed to a one-month high on Monday as outside markets fluctuated. Corn and wheat were mixed.

Soybean future for May delivery gained 6.75 cents to settle at 9.685 U.S. dollars per bushel, touching the strongest level of 9. 75 since Feb. 23.

May corn lost 3.75 cents to 3.7075 dollars a bushel. May wheat rose 2.75 cents to 4.86 dollars per bushel.

Outside markets, including weak oil and strong dollar, were a negative factor overnight and into the start of the day session. However, a dropping dollar and sharply rallying crude oil from its big early losses this morning provided much support to grains.

Some analysts indicated that this week's weather outlook is drier than last week's forecasts, and this would seem to improve the chances for timely planting of corn in many areas of the Midwest.

This week's export inspections for soybeans were pegged at 32.1 million bushels with corns at 41.6 million bushels and wheat at 18. 8 million.

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