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China Soybean and Relatives Daily: Domestic soybean meal futures continuing to follow the CBOT soybean upward trend.

Source: Mysteel Jan 29, 2026 16:40
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Soybean Soybean Meal Demand Price Supply
CBOT soybean futures continued to rise, with the main March contract settling at 1074.75 cents per bushel, up 7.25 cents. This round of rebound was primarily driven by strength in the crude oil market, which lifted the vegetable oil sector, coupled with concerns over persistent dry weather in some South American producing regions. Currently, the market is influenced by a mix of bullish and bearish factors. Support comes from the export prospects of U.S. soybeans and weather risks in South America, while seasonal supply pressure from accelerated soybean harvesting in Brazil presents resistance. Going forward, market focus will be highly concentrated on subtle changes in South American weather conditions and the actual pace of soybean harvesting and marketing in Brazil.

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