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“Prices recovered late enabling the entire complex to close with modest gains. Beans were up $.01-$.02, meal was $1-$3 higher while oil was up 5-10 points. Bean and meal spreads firmed while oil spreads were mixed. Early trade saw Nov-25 beans slip to a 3-week low however quickly rejected trade below its 50 day MA at $10.23 ¼. Oct-25 oil fell to a three-month low, finally filling a gap from mid-June before recovering. Oct-25 meal rejected trade into new lows for the week before quickly recovering to its 50-day MA at $280.70. Spot board crush margins rebounded $.12 to $1.66 bu. while bean oil PV slipped back to 47.8%. Census exports in July-25 at 64 mil. bu. were in line with the inspections data and brought YTD sales to 1.802 bil. To reach the USDA export forecast of 1.875 bil. bu. sales in Aug-25 will need to reach 72 mil. vs. only 63 mil. YA,” noted Mark Soderberg with ADM Investor Services.





