New Record High for Soybeans

Soybeans hit a new high in trading this morning, mostly on news of tight supplies.

Arlan Suderman just left a message on Twitter that "Soybean open interest @ 358,410 contracts is at a 6-month high, reflecting strengthening Wall Street Interest." He then said, "Modest profit taking pressured soybeans early, but buying quickly returned once the profit taking dried up."