“Prices were lower across the complex with beans down $.09-$.12, meal was $1.50 lower while oil was off 55-80 points. Favorable weather, lower energy prices and speculative selling all combined to weigh on commodity valuations today. Overnight three supertankers carrying crude oil to China and S. Korea safely navigated through the narrow passageway. Crush margins were down $.02 at $3.49 ½ with bean oil PV slipping to 53%. Chinese customs data showed they imported 3.3 mmt of U.S. soybeans in April, well above the 1.38 mmt from April-25. Their total imports for the month at 8.5 mmt were up 40% YOY however below expectations of 10 mmt. Spot U.S. Gulf FOB offers are roughly $1 bu. above Brazil’s however down to only $.50 for September shipment. U.S. soybean oil has effectively priced itself out of the global vegetable oil market, however at $.75 lb. remains profitable in the production of biofuels,” reported Mark Soderberg with ADM Investor Services.