Soybeans were sharply higher on commercial and technical buying, cementing a strong set of gains for the week. Old crop supplies remain tight, crush demand is strong, and soybean products were higher. The support for meal and oil came from that strong crush demand. Unknown destinations bought 146,000 tons of new crop U.S. beans. The announced sales total for the week was 772,000 tons, all new crop, all either to China or unknown, which could turn out to be China when it’s time for delivery.
