“Bean spreads weakened while product spreads firmed. Jan ’27 beans fell to a 2 ½ month low while closing below its 68% Fibonacci retracement. Dec. ’26 meal fell to a fresh 2-month low while oil held above LW’s low. Across the soybean complex MM’s were net sellers of 70k contracts, reducing their combined long position to 411.5k contracts, while the lowest in two months, it remains historically large,” Mark Soderberg of ADM Investor Services said. “I estimate Chinese purchases at roughly 19 mmt. Sinograin is expected to auction another 400k mt of soybeans Tuesday. Their last auction they sold only 172k mt, roughly a third of volume offered. Soybean plantings in Mato Grosso, Brazil’s largest producing state, reached 89% as of Friday, above the 76% pace YA and the five-year average of 78.5%. AgRural reports plantings in Brazil have reached 53% vs. 47% YA.”