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By Cassandra Garrison
MEXICO CITY, March 20 (Reuters) – Chicago Board of Trade soy futures rallied from a three-month low to close higher on Monday, catching a tailwind from U.S. stocks reassured by the announcement that UBS agreed to buy battered rival Credit Suisse, analysts said.
“They’re rallying in sympathy with crude oil,” Dosdall said.
Chicago Board of Trade soybean futures Sv1 closed up 9-1/2 cents at $14.86 per bushel after hitting $14.62, the contract’s lowest price since Dec. 20.
Russian President Vladimir Putin said Russia would provide grain to African countries for free if the grain deal is not extended in May.
Traders also had their eyes on whether the Federal Reserve will change its benchmark overnight interest rate on Wednesday, as markets remain on edge in the midst of global banking strains.
(Reporting by Cassandra Garrison, Michael Hogan in Hamburg, additional reporting by Naveen Thukral in Singapore, editing by Susan Fenton, Paul Simao and Grant McCool)
((michael.j.hogan@thomsonreuters.com; +49 172 671 36 54; Reuters Messaging: michael.hogan.thomsonreuters.com@reuters.net))
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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