Soybeans, corn end session higher on weather concerns

Soybeans were higher on short covering and technical buying. Medium-range forecasts continue to look hot and dry for most of the region, potentially stressing beans, especially if the conditions persist into mid-August, as expected. August is generally the critical month for U.S. soybean development. Unknown destinations bought 264,000 tons of new crop U.S. beans, the second major announced sale of 2024/25 U.S. beans in the past week. Last week’s old crop sales were bearish, mainly to the Netherlands and Indonesia, but new crop sales were strong, with unknown destinations topping the list. At least outright, China only bought a small amount of 2023/24 U.S. beans and nothing for 2024/25. That’s due at least in part to strong demand from China for beans from Brazil. The USDA’s next supply and demand update is out August 12th, with CONAB’s new outlook for Brazil set for the following day. Soybean meal was up on commercial demand, while bean oil was mixed on bear spreading.Corn was ...