Soybeans were modestly higher on short covering and technical buying. Crush margins are strong, weekly export inspections were bullish, and soybean meal was up on commercial support. Soybean oil finished firm, rallying as crude oil recovered from the session lows. Soybean export inspections were above 2.3 million tons, mainly to China and Mexico. China’s zero-COVID policy and the impact on demand are wildcards for U.S. soybean export demand. That’s also because of Brazil’s expected record new crop.
