Soybeans were higher on short covering and technical buying. Contracts were oversold and there are concerns about dry weather in parts of the Midwest. Rainfall this week has generally been scattered and the weekly drought monitor did show at least at some net drying effect in many areas. China was the big buyer of U.S. beans last week, but it was a routine amount and that was before the latest trade tensions. According to reports, China’s soybean purchases during July were 8.64 million tons, up on both the month and the year, with improving crush margins thanks to higher domestic meal prices.
Continue reading Soybean, corn futures rebound at Brownfield Ag News.
