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Soybeans surge as wheat buys back some losses

Soybeans were sharply higher on commercial and technical buying. Crush margins remain in positive territory, soybean oil was up following palm oil and crude oil, and overall demand continues to be strong. Soybean meal was mostly higher on bull spreading. Soybeans continue to watch U.S. planting and development conditions. Pakistan bought 352,000 tons of U.S. beans, with 55,000 tons for 2021/22 delivery and 297,000 tons for 20222/23. That followed up on China’s purchase Wednesday of 132,000 tons, split for old crop/new crop delivery, pushing the running total to 484,000 tons, with 363,000 of that new crop.

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