Soybeans continue bounce

Soybeans were higher on commercial and technical buying. Beans continued to bounce off the recent lows, watching U.S. planting and development weather. The USDA says 19% of U.S. soybeans are planted, compared to the five-year average of 11%. Brazil’s basis has moved higher due to slow farmer selling, which could help U.S. exports. Additionally, Argentina’s resumption of the “soy dollar” program hasn’t sparked a lot of interest. Last week’s soybean export inspections were up on the week, down on the year, mainly to China and Germany.

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