“Prices were mixed with beans holding within $.02 of unchanged, meal was $1-$3 lower while oil was up over $.01 per lb. Sept-26 and Nov-26 both trading up to new highs for the month before pulling back. Next resistance for Nov-26 is at its contract high of $12.56 ½. Sept-26 oil jumped as markets brace for reduced vegetable oils coming from the Black Sea. Crush margins bounced $.09 bu. to $2.57 with bean oil PV reaching 53%. U.S. Gulf FOB offers continue to hold $.30-$.40 bu. below Brazilian offers thru the end of 2026. Hedgepoint Global Markets forecasts Brazil will harvest 181.7 mmt of soybeans in 2026/27, well below the USDA’s 186 mmt est. They expect harvested acres will increase marginally to 49.2 mil. HA, (121.6 mil. acres) up from 48.8 mil. HA last year. The U.S. balance sheet has little wiggle room for yields to slip from the current USDA est. of 52.7 bpa or risk sharply tighter stocks. Pod count data from the 3 districts in Iowa covered by the Pro Farmer crop tour were all below YA, while 2 of the 3 were above their 3-year average. Pod count data in IL at 1,430 pods per 3×3 foot square were down from last year’s 1,479, however above their 3-year average of 1,390,” noted Mark Soderberg with ADM Investor Services.