China Soybean and Relatives Daily:Soybean meal prices keep strong trend though soybean auction announced

On Friday, CBOT soybean futures closed slightly higher. Analysts noted that traders adjusted their positions in the grain market ahead of the highly anticipated crop report to be released next week. The benchmark March soybean futures contract on CBOT rose by 1-1/4 cents or 0.12%, settling at $10.62-1/2 per bushel. The contract gained 1.6% this week. The market generally expects the upcoming report, scheduled for release on January 12, to slightly lower U.S. soybean yield and total production. Brazil's soybean production in the 2025/26 season is projected to reach a record 177.6 million metric tons, representing a year-on-year increase of approximately 3.6%. Although output in the main producing state, Mato Grosso, may decline slightly, it is still expected to be the second-highest level in history.