Soybeans were sharply higher on commercial and technical buying but closed under the session’s highs. Contracts are oversold and there was spillover from meal on concerns about shipping delays from Argentina, along with coronavirus precautions. Argentina is the world’s biggest exporter of soybean products and expectations are for Chinese demand for meal to rise as the nation rebuilds their hog herd post-widespread African swine fever outbreak. That said – while bean oil demand will also rise, according to the USDA’s Foreign Ag Service, it’ll be at a slower pace because of reduced demand from food service due to COVID-19.
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