20100114 0857 Soybean Meal/Oil Market Recap by CME Group.

Soy product futures ended higher Wednesday, rallying to session highs down the stretch on late fund buying. Soymeal futures held firm through out the session, buoyed early product spreading and a solid export profile, analysts said. Soyoil futures managed to bounce back from weakness that plagued prices for most of the day. Spillover weakness from crude oil futures weighed on prices, but a late spate of index fund buying and speculative short-covering was enough to lift prices firmly into positive territory heading toward the close, analysts said. January soymeal ended $5.10 higher at $300.50 per short ton, while March soymeal settled at $5.70 higher at $291.50. January soyoil climbed 37 points, or 3% at 38.63 cents per pound, while March soyoil rose 38 points or 2.7% to 39.01.