The soy complex was mixed on Wednesday as old-crop tightness boosted the meal market, but renewed palm oil weakness apparently sparked fresh selling in the soyoil pit. The complex rallied into Thursday morning, and experts suggest that the bean market is probably due for a rebound in the wake of recent losses.
News that China imported 7.2 million tonnes of beans during July also seemed quite supportive, as did overnight news concerning the vegetable oil markets. September soybeans jumped 16.75 cents to $12.1575/bushel around sunrise Thursday, while November beans surged 11.25 cents to $11.77. September soyoil added 0.31 cents to 42.05 cents/pound, while September soymeal advanced $6.4 to $383.4/ton.
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