Soybeans were mixed, adjusting spreads. It was an up and down day with concerns about demand around these price levels against bullish fundamentals. Crush margins are strong, Ukraine is the world’s biggest exporter of sunflower oil, and both Ukraine and Russia are significant players in the global energy market. Estimates for Brazil’s crop are well below a year ago due to drought, which also limited production in Argentina, so a substantial U.S. crop will be needed to replenish global supplies, including for the leading global buyer, China.
