Soybeans Fail To Hold Early Gains

Soybeans jumped out of the gate this morning with a gap higher open and a quick rally to +38 1/4 cents at one point. Heck, that upside gap left from June was even within range at one point. China's removal of quarantine restrictions for new visitors was a driver. That helped perception of future soybean imports, soybean oil demand and palm oil demand. But the day's close was only +4 1/2. This would be a rejection of prices over 1500. Over the past six months we have now seen two attempts at +1500. Both have failed to hold by the day's close.

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