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CBOT soybeans close firm on technical bounce

CBOT soybeans close firm on technical bounceCHICAGO: US soybean futures rose on Wednesday, breaking a streak of five straight lower closes on technical buying and short-covering, traders said.

Support for the benchmark CBOT January soybean futures contract was noted at the 200-day moving average. Prices consolidated around the 100-day moving average.

Soymeal futures also rose after posting lower closes during the previous five sessions.

Support for January soymeal was seen at the 30-day moving average. Resistance was noted at the 20-day moving average.

Soyoil futures fell for the third day in a row.

Argentina will put an 8 percent tax on biodiesel exports starting next year, the government said in its official gazette on Wednesday, just days after the United States accused the South American country of subsidizing the fuel.

Copyright Reuters, 2017

Source: Brecorder.com

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