“Prices were higher across the complex with beans up $.06-$.09, meal was steady to $1 higher while oil jumped 35-40 points. Bean and oil spreads firmed while meal spreads were mixed. Despite the strength, it was still an inside day for July-26 oil. Crush margins were off $.02 ½ to $3.70 bu. with bean oil PV improving to 55.5%. No changes expected for 2026 production or stocks. Still on the lookout for fresh Chinese demand interest in US soybeans. U.S. FOB offers at the Gulf are steady with Brazil by Sept-26 while at a slight discount by Oct-26. Bean oil usage for biofuel production continues to play catch-up after the slow start to the 25/26 MY. Usage in Mch-26 at 1.283 bil. lbs. was a record high, however still needs to average 1.348 per month April through Sept. to reach the current USDA usage forecast of 14.2 bil. lbs. Monthly usage in 26/27 will need to average 1.483 bil. to reach the USDA’s 17.8 bil. lb. forecast. Export sales are expected to range from 10-25 mil. bu. of soybeans, 300-600k mt of meal and 0-10k tons of soybean oil,” reported Mark Soderberg with ADM Investor Services.