Soyoil and soybean prices are being pressured as big things just seem to keep getting bigger. The market seemed to change during the day as we saw good buying and selling. The funds seemed to have liquidated their long positions so we have run out of technical selling. Export interest came from Japan and Mexico. Japan did some overnight buying and Mexico is interesting in buying seed for May delivery forward.
Crushers continue to be relatively inactive.
At the end of the day, we had what is called an outside day - we opened lower and closed higher than yesterday. Technically, it means that we could see a bounce in here if the funds take this as a buy signal. If they don't we are likely to follow the market in Chicago and head lower. This could help keep basis levels firm.