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Soybeans bounce, wheat falls

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Soybeans were modestly higher on short covering and technical buying, oversold and due for a bounce after the recent losses. Argentina should be hot and dry for the next few days, with rain by this weekend, but coverage and expected amounts are uncertain. Brazil’s harvest is moving forward, with new projections from CONAB and USDA out Thursday. Soybean products both rallied on oversold signals, which helped out that bounce in beans. Soybean export inspections were a multi-week high at more than 1.4 million tons and up on the week, but down on the year.

Soybeans bounce, wheat falls