Tight spot markets and a positive basis continued supporting soybean futures Wednesday morning; however, reported unwinding of soybean/corn spreads and technical selling of the nearby contracts apparently dragged bean futures downward.
Overnight tight spot markets and a positive basis continue supporting soybean futures in the face of negative developments. Traders talk of slowing Chinese demand and increased availability of South American product, while bulls can argue that improved early-May weather will accelerate corn plantings and potentially reduce soybean acreage later in the spring. May soybeans advanced 11.0 cents to $14.15/bushel early Thursday morning, while May soyoil surged 0.39 cents to 49.57 cents/pound, and May meal climbed $2.8 to $408.7/ton.
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