Solid gains in soybeans, wheat

Soybeans were sharply higher on fund and technical buying, along with gains in crude oil. Contracts bounced off the recent lows, while watching U.S. crop weather. Near-term forecasts for most of the Midwest are generally dry, with scattered rain and warm temperatures. It’s early, but that could still cause some early development issues. Soybean meal and oil were supported by concerns about crop damage, following the lead of beans. Reports have U.S. buyers purchasing a combined 120,000 tons of soybeans from Brazil due to tight domestic supplies and Brazil’s price advantage, with shipment set for the first half of this month.

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