Soybeans were higher on commercial and technical buying, posting solid weekly gains. There was more support from global vegetable oils, with the recent strength in palm oil, soybean oil, and canola a big factor for beans. The USDA’s next set of supply and demand numbers is out May 12th. The near-term soybean supply remains tight and domestic demand continues to be solid, even as export demand softens, for now. Even as Brazil’s harvest moves towards the finish, their FOB prices have turned higher because of strong demand from China.
