“Prices close lower across the complex with beans down $.05-$.08, meal was $2-$3 lower while bean oil is down over $.01 ½ lb. Nov-26 beans traded to a new contract high for a 6^th consecutive session while holding downside support at $13.00. Oct-26 meal traded to a new 2-year high before pulling back.  Oct-26 oil closed its gap from earlier in the week. Crush margins slumped $.22 to $2.20 bu. while bean oil PV fell back to 51%. The USDA announced a flash sale of 202k mt (7.4 mil. bu.) to China. We had the combined long position in the soybean complex is likely back below 500k contracts, still close to the all-time high from May-26 at nearly 502k. Census crush in July-26 at 222 mil. bu. was slightly above expectations. YTD crush at 2.436 mil. bu. are up 8.4% YOY, in line with the USDA est. Crush in Aug-26 will need to reach 219 mil. bu. to reach the USDA forecast, vs. only 198 mil. YA. Bean oil stocks slipped to 1.963 bil. lbs. however was above expectations of 1.878 bil. Combined biodiesel and RD production in June at 515 mil. gallons was a new all-time high, up from 497 mil. gallons in May. Soybean oil usage also reached a new all-time monthly high at 1.556 bil. lbs.,” noted Mark Soderberg with ADM Investor Services.