Soybeans were mostly higher on spread trade and technical buying. Beans are oversold and due for a bounce, with help from solid weekly new crop sales and strong crush margins. Old crop sales fell sharply from last week following a handful of small cancelations with minimal interest from China, while new crop sales were more than 2.6 million tons, led by unknown destinations and China. It looks like buyers are trying to lock in supplies after Brazil’s exportable surplus is exhausted.
