Weather woes send wheat higher

Soybeans were higher on commercial and technical buying. Old crop export sales were up and it was another strong week for new crop sales, and both are ahead of the USDA’s expected respective paces for those marketing year. Unknown destinations and China topped the list for old crop, while the reverse was true for new crop. Crush demand continues to be solid and more near-term planting delays are likely. Soybean oil was down on profit taking, while bean meal was mostly higher on oversold signals, adjusting spreads as traders rolled out of the May contract.

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