Soybeans were modestly lower on fund and technical selling. Beans continued to follow the lead of meal, while watching U.S. harvest activity and South American planting weather. Soybean meal peeled back from multi-month highs on profit taking and the adjustment of product spreads, while bean oil was up on that spread trade and a higher move in crude oil during the session. China bought 126,000 tons of 2023/24 U.S. beans Wednesday morning. Export demand for soybeans continues to run ahead of last marketing year’s pace but hasn’t met some expectations as China continues to also buy soybeans from Brazil.
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