“The soybean complex recovered to close mostly higher. Beans were up $.04-$.06, meal was $5-$6 higher while oil was off $.01 lb. Nov-26 beans rejected trade below $13.00. Oct-26 meal rejected trade below yesterday’s low while closing into a fresh 2-year high. Oct-26 oil recovered to close above its 50- and 100-day MA support. Early weakness was a result of sharply lower wheat prices after Russian President Putin indicated there is a chance for a peace agreement to end the war with Ukraine, something that he rejected as recently as last month. Allendale is forecasting U.S. production at 4.515 bil. bu. with an average yield of 52.6 bpa, down only 4 mil. from the USDA forecast in August. Linn and Associates sees production at 4.459 bil. with a yield of 52 bpa. Poor finishing weather in the U.S. combined with Chinese demand will likely limit a correction to the $12.50-$12.75 range basis Nov-26 futures,” noted Mark Soderberg with ADM Investor Services.