May soybeans opened 8 3/4 cents lower on the session at 1316 1/4 and established an early range of 1315 1/4 to 1332. The strong US dollar and a sharp break in global equity markets plus weakness in metal and energy markets helped to pressure the market early in the session. Talk of the overbought condition of the market and follow-through technical selling after yesterday's reversal down from 5 1/2 month highs was also seen as a negative force. However, fund trader buying emerged to support higher trade on the day into the mid-session. Ideas that lower South America production estimates could cause increased export demand for US soybeans plus talk of tightening US and world ending stocks estimates for the USDA Supply/Demand update on Friday helped to support.
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