Wheat roars higher, corn follows

Soybeans were modestly higher on short covering and technical buying, ending a two-sided session in positive territory. China has reportedly eased COVID lockdowns in some major cities, which should help demand for soybeans and products. Domestic crush margins continue to be solid and near-term supplies remain tight. Export inspections were down on the week, but up on the year, primarily to China and Mexico. The USDA says 78% of U.S. soybeans are planted, compared to the five-year average of 79%, with 56% emerged, compared to 59% on average.

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