Soybeans were higher on short covering and technical buying after March was able to hold at $12.01. It was an up and down day with contracts making new lows for the move, watching development weather and early harvest activity in South America. Yields are generally poor in Brazil, with the crop reflecting the planting delays and early weather difficulties. General trade sentiment is the crop is closer to 150 million tons than the most recent guesses from CONAB and the USDA, but probably not as low as this week’s projection of 135 million tons.
