Prices were slightly lower across the complex with beans $.01-$.04 lower, meal was steady to $1 lower while oil was off 35-80 points. Both Aug-26 and Nov-26 traded to 2-3 week lows. Inside trade for Aug-26 meal while Aug-26 oil traded down and filled a gap from early July. Crush margins are off another $.11 at $2.65 ½ bu., the lowest in 4 months. Our parent company, ADM, reported they were expanding their North American crush capacity by 25 mil. bu., or roughly 5% by improving 4 existing facilities in Frankfort IN, Deerfield MO, Lincoln NE, and Spiritwood ND. Updates are expected to be completed by mid-2028 to early 2029. China’s Sinograin announced they will auction off 500k mt of soybeans on Friday to free up storage for incoming US beans. IMO the market has little wiggle room for US yields slipping below the current 53 bpa trendline forecast if China fulfills 25 mmt of US beans purchases. US Gulf FOB offers are $.10-$.20 below Brazilian offers Sept thru Nov. Bean exports at 60 mil. was at the high end of expectations.  Old crop commitments at 1.531 bil. are down 18% from YA vs. the USDA forecast of down 20%. Old crop shipments to China held at 12.3 mmt while new crop purchases of 519k tons took YTD commitments to 2.78 mmt (102 mil. bu.). There are another 2.829 mmt (103 mil. bu.) to unknown. The USDA also announced a flash sale of 132k mt (4.8 mil. bu.) to China,” noted Mark Soderberg with ADM Investor Services.