Soybeans were solidly higher on commercial and technical buying. The near-term soybean supply is very tight, the cash basis is strong, and the trade is continuing efforts to ration demand. Brazil’s harvest is a little bit behind 2020 and the five-year average, while their FOB prices remain high because of strong demand. Brazil’s government says April soybean exports were record large at 17.4 million tons, but they expect May imports to 15 million tons because of high prices.

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