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New Export Orders Boost Wheat; Oil Sinks On Greenspan's Outlook.(B)
By Reuters
Soybean futures ended higher on Wednesday amid fund buying and spillover support from soyoil, while wheat was higher on fresh exports to Egypt.
In other featured commodity trading, crude oil finished at seven-week lows as Federal Reserve Chairman Alan Greenspan's downbeat comments on the U.S. economy dampened the outlook for energy demand this year.
F U T U R E S
At the Chicago Board of Trade, soybeans for March delivery were 2 1/4 cents higher at $4.53 1/2. The contract hit a session high of $4.62, driven by activefund buying.
The market was also supported by concerns over dry weather in parts of the soybean growing region in Brazil, the world's second-largest producer after theUnited States.
The weather conditions have led to some speculation of possible cuts in Brazil's soybean production. However, traders cautioned that forecasts still point to record production.
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