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“Higher trade across the complex with beans up $.12-$.14, meal was steady to $1 higher while bean oil was up 40-50 points. First resistance in Nov-26 beans is LW’s high at $12.44 ½ followed by its July contract high at $12.56 ½. Early weakness in soybean oil was driven by fears the EPA may provide SRE relief of up to 1.8 bil. RIN’s, above previous expectations of 1.2-1.3 bil. D4 RIN’s have traded as low as $1.92, down nearly $.60 from the July peak as the EPA is expected to issue rulings on 34 SRE exemption requests dating back to July-24. Crush margins fell another $.07 ½ to $2.19 ½ bu, a fresh 5-month low. The USDA announced a flash soybean sale of 132k mt to an unknown buyer, driving expectations for additional Chinese demand. Crop ratings fell 1% to 60% G/E, in line with expectations. Composite ratings are the lowest of the crop cycle while just below the historical average. Ratings improved in only 5 states, declined in 12 while holding steady in 1. 91% of the crop is setting pods vs. YA and 5-year average of 88%. 6% of the crop is dropping leaves, in line with YA and the 5-year average,” noted Mark Soderberg with ADM Investor Services.





