“Another wave of speculative buying drove soybean oil prices into new contract highs only to settle back closing near the midpoint of the day’s range,” Mark Soderberg of ADM Investor Services said. “Overnight weakness was driven by increased trade tensions after President Donald Trump raised import tariffs to 15% over the weekend from the initial 10% announced Friday. Spot board crush margins improved another 6 cents to $1.98, a fresh six-month high with bean oil PV rebounding to 49%. The BAGE reported Argentine crop ratings improved 1% to 33% G/E, still below the historical average of 42%. The BAGE reported 72% of the crop is setting pods or beyond. They held production unchanged at 48.5 mmt, in line with the USDA. Ag. Rural estimates Brazil’s crop is 30% harvested.”