Soybeans were modestly higher on short covering and technical buying but closed towards the lower end of the day’s range. Contracts were oversold and followed the lead of the broader market, with the Dow and crude oil buying back part of Monday’s drop. U.S. soybean ending stocks were unchanged on the month and the USDA raised crop outlooks for Argentina and Brazil. The USDA’s new outlook for Brazil is above the new projection from CONAB of 124.2 million tons.
