Commercial demand pulls soybeans higher in the US

Soybeans were higher on commercial and technical buying. Near-term forecasts have more harvest delaying rain in parts of central and northern Brazil against continued drought in Argentina. CONAB’s updated monthly outlook for Brazil is scheduled for Thursday. Safras e Mercado says 35.4% of Brazil’s 2022/23 soybean crop has been sold, considerably slower than normal. Soybean meal is the most bullish part of the complex thanks to strong domestic demand, blunting any bearish impact from the lack of improved export demand as Argentina’s crop fails. Argentina is typically the world’s largest exporter of soybean products and while U.S. meal was expected to help fill the void, it hasn’t happened. Soybean oil was lower on the adjustment of product spreads. Just past the halfway point of the marketing year, 2022/23 U.S. soybean export inspections were down on the week and the year, but still ahead of 2021/22 and more than what’s needed to meet USDA projections. The top destinations were ...