# Soybeans extend rally - Brownfield Ag News

> Soybeans rose on commercial and technical buying, following soybean oil higher after OPEC's surprise production cut lifted crude oil. Soybean oil also gained from a sale of 20,000 tons to unknown destinations, while soybean meal fell on profit taking. Corn was mixed to firm, and Argentina's soy dollar program resumed.

- Date: 2023-04-03 · published 2023-04-03T12:00:00.000Z
- Category: market · region US · magnitude low
- Page: https://feedsoft.ai/events/36430-soybeans-extend-rally-brownfield-ag-news
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Corn](https://feedsoft.ai/c/CORN.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Higher crude oil strengthens the biofuel link that supports soybean oil and, through crush, the soybean complex. Argentina's export incentive adds competing supply that can limit upside.

## Read by commodity

- SBM: bearish ▼
- SBO: bullish ▲
- SOY: bullish ▲
- WTI: bullish ▲
- CORN: neutral

## Sources

- brownfieldagnews.com: https://brownfieldagnews.com/blog/market-news/soybeans-extend-rally/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.