Soybeans were higher on fund and technical buying, cementing solid week-to-week gains and keeping the January through August contracts above $15. Soybeans hit six-month highs and March bean meal established a fresh contract high on concerns about hot, dry weather lowering production in Argentina. Argentina is normally the world’s largest exporter of soybean products, so any significant loss of production could lead to increased demand for U.S. soybean meal and oil. Bean oil Friday was down on end of the year profit taking and product spread adjustments.
