Soybeans were higher on commercial and technical buying, carrying over some of last Friday’s momentum. Beans followed bean oil which followed a sharply higher move in crude oil following a surprise production cut by OPEC due to the link between biofuels and fossil fuels. Soybean oil had additional support from the sale of 20,000 tons of 2022/23 U.S. soybean oil to unknown destinations. Soybean meal was down on profit taking. The trade is monitoring the potential for early planting delays in some areas, while trying to both position itself to buy back some acres from corn, depending on the duration of those delays, and ration demand to some degree.
Soybeans extend rally
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