Most of the news in soybeans is what is happening with China, John Payne of Daniel’s Trading said. “Like corn, supplies need to clear in the short term,” he said. “Unlike corn, (a new soybean) market opening up is unlikely and new crop acreage is not needed. I advise producers to continue to sell rallies (and) don’t get frustrated with sideways price action.”

The confirmation that the March 1 deadline for a deal with China would be extended was the biggest boost for the soybean market yesterday, Blue Line Futures said. That will keep tariffs at their current rates, as opposed to a 25 percent raise.