Soybeans closed higher on Monday on support from rebounding oil prices. Mixed expectations on where the EPA will set renewable volume obligations is adding some volatility into the market. U.S. soybean cost have dropped below competitor Argentina which is bullish for trade. Recent runs of Chinese and unknown soybean purchases have been supportive to prices despite lower trade last week. Concerns of emerging COVID-19 cases could slow demand for crude oil and add downward pressure in the soybean complex.
