Soybeans were sharply higher on commercial and technical buying, establishing contract highs in May, July, and November to cap off a bullish week. Contracts had another round of support from the tight supply, solid cash basis, and strong global vegetable oil demand. July soybean oil did hit a new contract high before finishing only modestly higher and bean meal was up on commercial demand. Expanding drought conditions in the U.S. could impact planting and early development to some degree.

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