Soybeans were higher on commercial and technical buying. The supply remains tight and domestic demand is solid, even as exports have slowed down, with the USDA’s weekly numbers out Thursday at 8:30 AM Eastern/7:30 Central. Brazil’s harvest is picking up steam, now around 60%, and development conditions have improved in most of Argentina. According to the Mato Grosso Institute of Agricultural Economics, the cost of 2021/22 soybean production in that state will about 9% higher than the rest of Brazil, largely because of higher land costs.
