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Soybeans lead grains higher

11/20/2012 @ 4:16pm

U.S. grain futures ended higher Tuesday, led by soybeans amid technical buying in light-volume, pre-holiday trade.

Soybeans for January delivery at the Chicago Board of Trade closed up 18 cents to $14.12 3/4 a bushel, while December corn ended up 4 1/2 cents to $7.43 1/4. December wheat climbed 3 1/4 cents to $8.45.

Traders say the buying was largely technical, as soybeans held above the fresh five-and-a-half-month intraday low that was set Friday. The market's technical outlook, along with the uncertainty headed into the Thanksgiving holiday, prompted some traders to cover short positions, analysts added.

Trading volume should remain light for the rest of the week, and the market will be closed Thursday for Thanksgiving.

Optimism about improved export demand and recent strong soybean oil sales underpinned the soybean market. Weather for the South American crop is viewed as mostly favorable, however, which is negative for prices.

The wheat market is underpinned by concerns about the hard red winter wheat crop, which is suffering from severe drought in the central and southern U.S. Plains.

Write to Ian Berry at ian.berry@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
November 20, 2012 15:40 ET (20:40 GMT)
DJ U.S. Soybean Futures Lead Grains Complex Higher Amid Technical Buying->copyright

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