High fertilizer cost appears to have induced US farmers to take a more defensive approach by opting to plant more soybean compared to corn. US soybean/ SBO prices were down 2.7%/3.2% DoD on the day USDA’s prospective planting report was out while corn price rose 1.5% DoD. News of unprecedented release of strategic US oil reserves by Biden admin, and China further releasing state soybean reserves also weighed on 3M FCPO price last Friday (-2.4% DoD). Preferred BUYs: KLK, TAH & BAL.