Soybeans were higher on commercial and technical buying. Contracts were oversold and due for a bounce, with help from a higher move in soybean meal. Soybean meal was up on solid demand and the concerns about domestic cotton production and demand expectations due to a projected drop in cottonseed meal availability. Soybean oil was down despite gains in palm and crude oils, in addition to the bullish incentives for biofuels tied to the Inflation Reduction Act.
