Soybeans were higher on commercial and technical buying, padding the weekly gains. The big influence is the strength in soybean oil, which was supported by demand expectations ahead of the RFS update. The USDA raised old and new crop U.S. ending stocks, while lowering old crop production for Argentina and Brazil slightly. The Buenos Aires Grain Exchange says 94% of Argentina’s soybean harvest is complete, with yields down sharply on the year due to drought.
