Soybeans closed higher coming off strength earlier in the week. Both the January and March contracts were able to set new day ending contract highs both gaining more than 10 cents. Dry weather in southern Brazil and Argentina and continued Chinese demand are providing upward pressure. An association representing Brazilian growers has cut its soybean yield forecast by 2 million tonnes to 127 million which was bullish. Basis remains strong with continued support from export and crush numbers.
