Soybeans closed sharply higher Thursday. The soybean market traded softly higher overnight which picked up early in the session. Soybean futures are continuing to gain strength on South American drought conditions, even with rainfall in parts of Brazil. Traders are expecting strong adjustments in USDA’s global supply and demand report coming out tomorrow. Expectations of tightening ending stocks have been bullish for the market. A lack of a downward adjustment or smaller than expected adjustment would likely send soybeans lower Friday.
