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Mysteel soybean and relatives market daily: DCE soymeal prices hit new record highs on weather premium and geopolitical risks

Source: Mysteel Jul 21, 2026 15:43
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Soybean Soybean Meal Demand Price Supply
CBOT soybean futures rallied sharply, driven by a combination of weather concerns, firmer crude oil prices, and strong export demand. The market is worried that high temperatures in the U.S. Midwest could damage yields, although forecasts call for rainfall next week and the latest crop condition rating rose to 66%, better than expected. Nevertheless, bullish sentiment remains strong. Meanwhile, the U.S. strike against Iran has heightened tensions in the Middle East, pushing crude oil prices higher and providing additional support to soybean prices. In addition, Brazilian basis offers continue to strengthen, with Brazil's soybean export sales progress at 73%, mainly due to strong buying interest from countries other than Chinaalongside Chinese import demandwhich has raised the cost of soybeans imported into China.

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