Soybeans were sharply higher on commercial and technical buying, more than recovering Wednesday’s losses and making new highs. Export sales were better than expected, China led the way, recovering from the previous week’s marketing year low, and part of the session’s gains were likely linked to demand rationing. China’s General Administration of Customs says it bought 100.327 million tons of soybeans in 2020, a record for any year and up 13.3% from 2019’s total of 88.513 million tons.

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