Strength in meal sends soybeans higher

Strength in meal sends soybeans higher

Soybeans were higher on commercial and technical buying. Beans followed meal which hit contract highs on aggressive spread unwinding with bean oil. With the recent meltdown in soybean oil, crush margins have narrowed, but remain in positive territory, for now. China bought 264,000 tons of U.S. beans and unknown destinations picked up 240,000, with both for 2022/23 delivery. That was the second day in a row with announced sales of U.S. soybeans for a running total of 634,000 tons.

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