Soybeans up Friday, but still down on week – Voice Of Muscatine

Soybeans up Friday, but still down on week

Soybeans were higher on short covering and technical buying, just not enough to escape weekly losses. Beans were oversold and due for a bounce after hitting multi-month lows. Domestic crush demand is strong, canceling out some of the bearishness of slow export sales. That January NOPA member crush was smaller than expected, but still record large for the month. Soybean meal was higher and bean oil was lower, adjusting product spreads. Bean oil picked up additional pressure from higher-than-expected NOPA stocks.

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