CBOT soybeans extend rally as crude oil rebounds
CHICAGO, March 11 (Reuters) - Chicago Board of Trade soybean futures rallied for a second straight session on Wednesday, as crude oil recovered from a day-earlier plunge while investors wrestled with disruption caused by the U.S.-Israeli war with Iran.
Oil prices gained more than 4% on Wednesday as fresh attacks on ships in the Strait of Hormuz worsened supply disruption fears, and analysts said the International Energy Agency's proposal for a record release of oil reserves is inadequate to ease those fears.
Higher crude prices can support soybeans as soyoil is widely used to produce biodiesel fuel.
Strength in soy processing margins also gave futures a boost during the session, traders said.
Investors also are beginning to adjust their positions in the hopes that there is a breakthrough in upcoming trade talks between the United States and top soy importer China.
CBOT May soybeans SK26 settled 12-1/4 cents higher at $12.14 per bushel.
CBOT May soyoil BOK26 ended up 1.54 cents to finish at 67.16 cents per pound.
CBOT May soymeal SMK26 rose 90 cents to end at $315.40 per short ton.
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