Soybeans were sharply higher on fund and technical buying. Contracts bounced off the recent lows, with support from the tight near-term domestic supply. Planting and development conditions look good in most U.S. growing areas. Old crop export sales were below average, Indonesia and Egypt topped the list, with new crop at the low end of estimates, led by Mexico and unknown destinations. China didn’t buy any U.S. beans last week, at least not outright. The Buenos Aires Grain Exchange says 91% of Argentina’s crop is harvested, a little bit ahead of average.

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