Soybeans were sharply higher on commercial and technical buying, notching another round of new highs during the session. Production estimates for South America are shrinking, while the trade is trying to buy more U.S. acres ahead of U.S. planting. China bought 132,000 tons of new crop U.S. soybeans. The recent uptick in sales of U.S. soybeans is likely at least somewhat linked to the declining expectations for South American soybean production. Those declining production figures and slow farmer selling have pushed spot prices to record levels at a couple of key ports in Brazil.
