Demand supports soybeans

Soybeans were higher on commercial and speculative buying, along with spillover from the outside markets. The dollar was lower while the Dow, gold, and crude oil were higher. Farmer selling is very slow, so the nearby supply remains tight and the trade’s watching South American conditions ahead of widespread planting. Informa Economics now sees 2012 U.S. planting at 77 million acres, up 1.2 million their September estimate. Soybean meal was steady to higher, following beans, and soybean oil

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