Technical buying and lingering talk of Chinese buying interest also underpinned prices. However, a lower than expected weekly export sales figure and improved planting conditions in South America limited advances. Soymeal futures finished up, bolstered by commercial buying, talk of Russia showing interest in switching some of its PL480 credits for meat to soymeal and technical buying. The soybean market has been mixed over the past several sessions. It has remained firm in spite of the large harvest as many farmers have taken LDPs but have not sold the soybeans.
Demand also appears to be strong, helping to keep prices firm in the short term.
In the longer term, however, the outlook turns more bearish. Current prices are expected to limit increase in demand below expectations. The South American crop, if normal, will add additional pressure. And, it appears likely that there will be yet another record US planted acreage next year. Mid-South soybean harvest is 84 percent done, which is about 10 days faster than normal.