Soybeans, corn up commercial support

Soybeans were higher on commercial and technical buying, with contracts rallying around midday on the strength in meal. Beans are watching the tail end of U.S. planting, which remains slower than average in some key growing areas, especially the northern Midwest and Plains. The fundamentals are bullish, crush margins are strong, and soybean meal was up solidly, supported by commercial demand. Soybean oil was mixed, nearby months up, deferred contracts down, on bull spreading. Soybean oil continues to monitor crude oil prices and world vegetable oil trade, with Russia’s invasion of Ukraine having a significant impact on both.

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