Soybeans, corn, wheat close solidly higher

Soybeans, corn, wheat close solidly higher

Soybeans were higher on commercial and technical buying, still ending the week sharply lower. Soybeans are heavily oversold, bouncing off the recent one-year lows. Soybean meal and oil also saw solid oversold bounce, coming back from their recent lows. The losses in bean oil had been despite bullish demand expectations tied to biofuels. U.S. crush margins remain in positive territory but have narrowed recently. Ahead of widespread planting Allendale projects U.S. planted area at 87.768 million acres while Farm Futures has planted area at 89.620 million, both of which would be up on the year.

Be the first to comment

Leave a Reply

Your email address will not be published.