Soybeans soar as wheat drops

Soybeans were sharply higher on commercial and technical buying. Old and new crop export sales were up on the week, with China back in the market, but still not at expected levels. Demand from China has been impacting by COVID lockdowns and unloading delays at port, while soybean demand in general has been somewhat impacted by relatively high prices and the recent trend in the dollar. China’s National Grain and Oil Information Center says that nation’s crush rate last week was lower than expected.

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