Soybeans were sharply higher on commercial and technical buying, with the most active months ending the week firm. Domestic demand continues to be strong and crush margins are in solidly positive territory. Those factors boosted soybean meal and oil prices. Beans are also watching development weather and any potential impact on yield. Just over a fifth of U.S. soybean acreage is in some stage of drought. Unknown destinations canceled on old crop U.S. beans, bringing the weekly total to a net negative, and there’s talk of more cancellations by China in favor of beans from Brazil.
