“Lower trade across the complex with beans down $.05-$.06, meal was off $2-$3 while oil was 60-80 points lower. Bean spreads firmed, meal spreads were mixed while oil spreads weakened. July-26 beans bounced off its 50-day MA overnight at $11.91. MA support for Nov-26 is at $11.64 ¼. Prices across the ag space drifted lower into the close, largely in tandem with the reversal in energy prices. Spot WTI crude oil went from trading $4 per barrel higher to down $2.50 at its low. The reversal in energy prices likely due to reports from Iran News Agency that U.S./Iran have reached a peace agreement through intermediaries in Pakistan. Confirmation of a peace agreement however is lacking. Crush margins backed up another $.08 ½ to $3.41 bu. while bean oil PV slipped just under 53%. U.S. Gulf FOB offer premium over Brazilian soybeans is down to $.35 bu. for Sept-26 shipment, while still more than $1 over Argentine offers. Near record high crush margins to fuel expanding biofuel production along with the potential for Chinese demand to return to pre-tariff levels has raised the price floor while favorable weather limits the upside. Soybean exports at 21 mil. were toward the high end of expectations. Old crop commitments at 1.447 bil. are down 18% from YA in line with the USDA. Sales to China have reached 11.87 mmt with another 1.38 mmt to unknown. Shipments to China have reached 11.2 mmt.,” reported Mark Soderberg with ADM Investor Services.