Soybean futures held firm as soybean oil set record longs.

Today in the grain markets, Soybean futures traded firm, supported by increasing long positions noted in the commitment of traders and a record long position in soybean oil. May Soybean futures established an 11-cent range, closing up 6'2 on the day while maintaining a steady three-week sideways pattern. Corn futures saw quiet trading with a narrow 4-cent range as market participants adjusted positions ahead of Thursday's USDA report. Meanwhile, Wheat futures faced downward pressure, tracking lower crude prices and hitting 588'4 in the May contract before rebounding. Traders also monitored dry growing areas anticipating late-week precipitation across the wheat belt.