Soybeans were sharply higher on commercial and technical buying. Contracts bought back part of last week’s losses, with no changes to the fundamental outlook. Weekly export inspections were bullish, with China the biggest single destination, followed by Mexico. Conditions look generally beneficial for South America over the next couple of weeks, further aiding production. Brazil is likely to produce a record crop, but while harvest is underway, it’s being slowed down by rain. Planting in both Argentina and Brazil was delayed by dry weather early in the season.
