SOYBEAN COMPLEX RALLIES ON ANECDOTAL REPORTS INDICATING CHINA BOUGHT US SOYBEANS

Soybean futures rallied on Wednesday on anecdotal reports of new purchases of soybeans by China. The total volumes reported ranged from 500,000 to two million tonnes, but the futures only rallied about 1/2 percent. Technically-driven selling in the nearby contract at the 200-day moving average limited the gains, but the rally still…