CBT SOYBEAN FUTURES CLOSE STRONG IN NEW CROP
CBT soybean futures closed on a strong
note in new crop, showing gains of 4-3/4 to 9-1/4 cents per
bushel in moderate trade. May settled at 5.04-1/2 dlrs after
posting a 5-1/2 cent range, with November at 5.04-3/4.
    Slow country movement, steady to firmer cash soybean basis
values and a delayed Brazilian harvest combined to support
futures from the opening, despite a disappointing drop in the
weekly soybean export figure yesterday, traders said.
    The advance above the psychologically important 5.00 dlr
mark in both old and new crop kept the chart picture bullish,
which could limit declines when South American sales begin to
pick up later this month, they added.
    A local house steadily bought new crop November, with
another local house spreading July/Nov, pit brokers said.
 Reuter
