“SU ended near 10.05. China’s soybean meal futures dropped after authorities pledged to rein in hog production and reduce soymeal use in animal feed to stabilize hog prices. Trade will be watching U.S. tariffs especially EU and China closely. USDA estimated world 24/25 soybean crop at 422 mmt vs 396 ly. World crush is estimated at 353 mmt vs 331 last year. Exports are estimated at 180 mmt vs 177 ly. This leaves end stocks at 125 mmt vs 115 ly. USDA estimated World 25/26 soybean crop at 427 mmt. World crush is estimated at 367 mmt. Exports are estimated at 187 mmt. This leaves end stocks at 126 mmt. Weekly U.S. old crop export sales were 160 mt. Total commit is 50.8 mmt vs 45.1 ly,” pointed out Steve Freed with ADM Investor Services.