Soybeans were sharply higher on commercial and technical buying. Contracts are heavily oversold and even if exports have faltered, domestic demand is strong. Near-term weather is mostly favorable ahead of what is expected to be a hotter pattern later this month into August, a critical time for development. The USDA’s next set of supply, demand, and production numbers is out July 12th. Soybean meal and oil were higher on commercial and technical buying, with bean oil picking up additional support from the strength in crude oil.
