Fundamentals support soybeans

Soybeans were higher on commercial and technical buying, with double digit gains in the May, July, August, and September contracts. Beans are keeping an eye on soybean product prices, world vegetable oil demand, and the energy markets. The overall supply and demand outlook continues to be the big driver. Ukraine and Russia aren’t significant players in the global soybean market, but Ukraine is the leading exporter of sunflower oil and both have large roles in world energy.

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