Market bears went back in hibernation on Thursday as soybeans posted double-digit gains.
“Support largely came from a large export sales tally,” said Julianne Johnston at Pro Farmer. “While the tally came within expectations, it included China as a top destination for soybeans.”
Listen to Johnston’s full comments:
The situation in Brazil also boosted bean prices, which gained between 14 and 16 cents Thursday. With rains slowing the Brazilian harvest and uncertainty regarding the trucker strike, prices for March soybean futures closed at $10.24. “There was reports that some truckers have stopped their strike, as they have agreed to some of the concessions from the Brazilian government. But some roads remain closed.”