CBOT soybeans fall 1.2% to $11.8975/bushel; lean hogs drop 4.47%

The split within the grains complex is the signal here: soybeans and corn sliding while wheat holds flat suggests pressure specific to feed and oilseed demand rather than a broad commodity risk-off. Lean hogs' 4.47% drop is the sharper move and points to weakness in the livestock side that can feed back into feed demand expectations. Soybeans sitting just above the July low is the level worth watching — whether that floor holds or gives way is the open question for the complex.