Soybeans, corn buy back some recent losses

Soybeans, corn buy back some recent losses

Soybeans were higher on fund and technical buying. Contracts saw an oversold bounce with some help from higher moves in soybean meal and oil. The trade continues to monitor U.S. planting and the potential for acreage switching from corn to soybeans due to widespread planting delays. Export demand is slow, but U.S. beans could be more competitive soon due to higher prices in Brazil. Weekly old crop sales were 7 million bushels, mainly to the Netherlands and Egypt, with a small cancelation by unknown destinations.

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