“Prices were mixed with beans steady to $.05 lower while both meal and oil were little changed. Oil spreads weakened; meal spreads firmed while bean spreads were mixed. After rejecting trade above $12 yesterday, July-26 beans slipped back near the midpoint of its $11.55-$12 range. July-26 oil held support just above $.70 lbs. setting up the late day recovery. Support for July-26 meal is at its 100-day MA at $315. Spot board crush margins rebounded $.04 to $3.33 ½ bu. while bean oil PV held near all-time highs at 52.8%. Look for the CFTC to print another record large long position held by MM’s in soybean oil, and a combined record long position across the complex. Bean exports at 13 mil. were in line with expectations. YTD commitments are down 18% from YA in line with the USDA forecast. Sales to China for the 25/26 MY are below US/China Trade War I levels from the first Trump administration. Shipments to China are up to 10 mmt. Meal sales at 162k tons were below expectations and bring YTD commitments to 14 mmt up 17% YOY vs. the USDA forecast of up 6%. Bean oil sales at 3.3 mil. lbs. bring YTD commitments to 803 mil. lbs. down 62% YOY vs. USDA forecast of down 52%,” reported Mark Soderberg with ADM Investor Services.