Soybeans were higher on commercial and technical buying, establishing contract highs and ending the week with strong gains. Near-term forecasts look mixed for crops in South America, the Argentine grain worker strike was still ongoing during Friday’s session, and world vegetable oils were higher heading into U.S. trade. Those strikes and the weather concerns pushed prices in Argentina to multi-year highs this week. The Buenos Aires Grain Exchange says 67.8% of Argentina’s soybean crop is planted, compared to 75% on average, with 5% in poor to very poor shape.
