Soybeans were higher on commercial and technical buying. Contracts saw an oversold bounce aided by a sharply higher move in soybean oil, watching weather in South America. Coverage has been mixed and there’s uncertainty about long-range forecasts because of La Nina. The Buenos Aires Grain Exchange says 48.2% of Argentina’s soybean crop is planted, up 8.9% on the week, but still slower than average. China’s Ministry of Foreign Affairs says Sinograin will buy 4 million tons of soybeans and 400,000 tons of soybean oil from Argentina in 2021.

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