Soybeans up on short covering and higher move in soybean oil in the US

Soybeans were modestly higher on short covering and technical buying. U.S. harvest activity is ongoing, with minor rain delays expected in some areas into next week. Beans are watching yields closely, needing a trend-line yield or better to meet demand expectations and limit further price inflation for end users. Contracts also saw some spillover from a higher move in bean oil, which followed energies and caught up to the recent gains in world vegetable oils. CONAB is projecting a record crop for Brazil, with generally good early rain coverage. The crop is seen at 140.752 million tons, an increase of 3.431 million tons from 2020, with 22 exports at 87.4 million tons. That will likely lead to even more competition on the export market, with U.S. exports taking a hit recently from shipping delays out of the Louisiana Gulf caused by damage from Hurricane Ida. Last week’s export sales were slightly lower than the previous week and just over a month into the marketing year, 2021/22 ...