Soybeans were higher on short covering and technical buying. Soybeans and products are oversold, finding some support after the recent drop. Export demand for U.S. beans is slowing down as the harvest of Brazil’s record crop moves forward, while domestic demand remains solid. That demand, positive crush margins, and oversold signals supported soybean meal and oil. The USDA says the January 2023 soybean crush was 191 million bushels, up 4 million from December 2022, but down 3 million from January 2022, with the total 2022 crush 3% above 2021, reflecting that demand and those margins.
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