Soybeans hold onto gains as wheat loses ground

Soybeans were higher on commercial and technical buying. Unknown destinations bought 143,000 tons of U.S. beans Thursday morning, 142,500 tons of that new crop, and weekly new crop sales were solid, mainly to Pakistan and China. Chinese soybean imports shot higher in May as some delayed cargoes made their way to port. Beijing’s relaxation of COVID lockdowns is also expected to improve demand. Beans had some additional benefit from a sharply higher move in bean meal, while bean oil was lower on profit taking and the unwinding of product spreads.

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