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Soybean futures back above 200-day moving averages

An analyst says soybean futures had a surprisingly strong finish to the week.

The November contract closed 13 ½ cents higher at $9.84 1/4 Friday, and January settled within six cents of the $10-dollar level.

Tony Headrick with CHS Hedging tells Brownfield some key contracts are back above their 200-day moving averages.

“To a degree, (I’m) surprised.  There was some indication of corn and soybean fund activity that were buyers coming in today.  And fairly decent new bean sales announced earlier.”

Earlier today, the USDA announced the sale of nearly 200,000 tons of U.S. soybeans to Mexico.

Brownfield market reporter John Perkins says export demand for U.S. beans has increased after a decline in price and a recent move by the dollar to multi-year lows.