Chicago Board of Trade soybean futures unofficially closed higher on Wednesday on soy/corn spreading ahead of the release on Thursday of the US Department of Agriculture's March plantings and quarterly stocks reports. Traders expect the USDA report to show a big jump in corn acres and a potential sag in soybean acres.
Drier and warmer weather in Argentina is boosting soybean harvest activity and there are outlooks for more showers in central and northern Brazil that may slow harvesting there. May soybean contract on Wednesday closed between support at its 20-day ma $13.55-1/2 and resistance at its 40-day ma $13.78.