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US Soya Complex Rises On Weak Dollar Index
24.09.2010 11:52 "Agro Perspectiva" (Kyiv) —
Soybean complex prices closed higher on Wednesday. November soybeans gained 8 1/2 cents to close at $10.88 1/2. October soybean meal was $2.70 higher at $306.20. October soybean oil added another 45 points to close at 42.87 cents. November 2011 soybeans increased 6 1/2 cents and closed at $10.73 1/4.
Appeared that soybeans, more than corn or wheat, were seeing higher prices caused by the reaction of investors to the latest release from the Federal Reserve. The Fed promised more actions to spur economic growth, and that led to selling of the dollar and another splurge by investors into gold and silver. Soybeans and its products also saw higher prices as the oilseed is seen as a potential beneficiary of demand from investors looking for opportunities to diversify into hard assets as a hedge against a plunging dollar.
The actual dollar index (not the futures) traded down through the 80 benchmark for most of the day.
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