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ADM Investor Services said, “Prices were lower to sharply lower across the complex while spreads were also weaker all around. Beans were down $.04-$.08, meal was $2-$5 lower while nearby oil futures were off over $.02 lb. Both July and Nov. beans did manage to bounce off session lows.” Amanda Brill at Total Farm Marketing said, “Traders continue to monitor Chinese buying activity closely, with no officially reported new crop soybean purchases on the books as of the end of May despite White House statements indicating that a 25 MMT purchase commitment was discussed during trade meetings in October and May.”
