January 4, 2008

CBOT July 08 soy match all-time high in electronic trade

Chicago Board of Trade July soybean futures matched the all-time high for soybean futures at US$12.90 per bushel Thursday on the e-cbot electronic trading platform.

Speculative-led buying fueled the market's rise, as concerns over tightening supplies amid strong global demand continue to keep soy an attractive buy, analysts said. Broad-based commodity buying is aiding the soy market's push to higher levels, with a surge above the key US $100 per gallon level in crude oil, new contract highs in metal futures and weakness in the US dollar providing an inflationary influence on prices, analysts said.

The new-crop July future matched the all-time high of US$12.90 per bushel at 13:16 p.m. EST on e-cbot. The contract traded 15 lots at the record level, according to exchange data.

Despite reaching the record level on the e-cbot electronic platform, open outcry trading failed to follow the screen to that level, with the July open-outcry contract falling just shy with an intraday high of US$12.89 per bushel.

The all-time high of US$12.90 has stood since June 5, 1973.