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Soybeans follow through, but close below highs

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Soybeans were higher on commercial and technical buying. Beans followed through on Friday’s post-USDA report gains but closed below the session’s highs on overbought signals. Still, there’s been a solid rally since the release of those numbers as the market’s focus shifts to demand rationing. The USDA’s cut in acreage and the lower-than-expected quarterly stocks are signaling a much tighter balance sheet. Soybeans are also monitoring development weather, with an eye on long-range outlooks ahead of August.

Soybeans follow through, but close below highs

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