Soybeans extend rally in the US

Soybeans were higher on commercial and technical buying, carrying over some of last Friday’s momentum. Beans followed bean oil which followed a sharply higher move in crude oil following a surprise production cut by OPEC due to the link between biofuels and fossil fuels. Soybean oil had additional support from the sale of 20,000 tons of 2022/23 U.S. soybean oil to unknown destinations. Soybean meal was down on profit taking. The trade is monitoring the potential for early planting delays in some areas, while trying to both position itself to buy back some acres from corn, depending on the duration of those delays, and ration demand to some degree. Near-term supplies are tight and Brazil already has a significant price advantage to U.S. beans. Export inspections were down from last week and last year at just shy of 500,000 tons, mainly to China and Indonesia. The 2022/23 pace remains just ahead of 2021/22. The USDA says 177 million bushels of soybeans were crushed in February, a ...