“Prices turned lower at midday while making new lows in late trade. Soybeans finished down $.10-$.11, meal was $3-$5 lower while oil was down 50-65 points. July-26 beans rejected trade back above the $12 level. Nov-26 stalled just below its March high at $11.74 ¼. Early strength saw new contract highs in soybean oil with the spot contract trading to a 3 ½ year high before pulling back. Crush margins back up a few cents to $3.29 ½ bu. while bean oil PV improved to a new all-time high at 52.8%. Improved demand for biofuels combined with surging D4 RIN values has increased biodiesel and RD profit margins. Speculative traders bought nearly 13k contracts of bean oil yesterday, however O.I. increased only 1,100 contracts. The price surge however has left bean oil less competitive compared to other feedstocks for biofuel production. Wire services are reporting at least 10 vessels are being held up at Argentine ports as a trucker protest over increased costs is preventing supplies from reaching key export hubs. EU soybean imports at 10.24 mmt are down 11% YOY. Meal imports at 14.22 mmt are off 7.5%. Tomorrow’s export sales are expected to range from 8-26 mil. bu. of beans, 150-500k tons of meal and -10-14k tons of oil,” reported Mark Soderberg with ADM Investor Services.