USA: Soybeans were higher on commercial and technical buying, but below the day’s highs

Soybeans were higher on commercial and technical buying, but below the day’s highs. Most forecasts have more hot, dry weather in parts of the western and northern growing areas, potentially stressing the developing crop. Still, contracts are a little overbought and prices are limiting demand to some extent. The near-term supply remains tight and is only getting tighter, but the USDA likely won’t adjust the production estimate until after the release of the 2021 planted area totals at the end of the month. Quarterly grain stocks are also out June 30th. Soybean oil was also supported by commercial buying, despite the recent losses for Malaysian palm oil on increased production and supply projections, along with talk of a reduction in the export tax. India is reportedly considering lowering its import tax on edible oils to limit price inflation. Soybean meal followed beans and bean oil higher.Corn was modestly higher on fund and technical buying, with most contracts ending the ...