Soybeans were higher on commercial and technical buying, pulling contracts to a weekly gain. The USDA sees old crop stocks at multi-year lows, with the potential for further reductions, and there are uncertainties about U.S. acreage due to recent planting delays. Crush demand is strong and China bought 132,000 tons of old crop U.S. beans. China’s National Grain and Oils Information Center says domestic stocks passed 4.5 million tons due to lower-than-expected crush rates. Soybean demand from the world’s biggest buyer has tailed off a little recently due to tight crush margins, COVID lockdowns, and economic uncertainties.

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