Soybeans were sharply higher on commercial and technical buying. The USDA’s planted area total was up from March, but smaller than what analysts were expecting heading into the report. Quarterly stocks were close to expectations, down on the year, even with slower third quarter usage. The USDA’s next set of supply and demand estimates is out July 10th. Concerns about China were on the back burner but will likely resurface during this holiday-shortened week. Soybean meal and oil were supported by commercial buying.

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