Grains fully higher on positive demand news

Soybean futures found support on Tuesday after an oversold bounce coming from Monday’s losses. Crude oil is rebounded sharply, adding support to the soybean complex, especially for soybean oil. Reports of China backing off on some COVID related restrictions is adding support back into the market by reducing the potential for export volatility. The soybean market saw strong support last week with USDA’s estimated soybean ending stocks falling 25 million bushels from last month to 260 million in its World Ag Supply and Demand report Friday.

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