Mysteel soybean and relatives market daily: Cost support counters stockpile pressure, keeping soybean meal prices stuck at highs in the near term

CBOT Soybean Futures rose, primarily driven by escalating geopolitical conflicts that pushed crude oil prices to near two-month highs, benefiting soybeans as a biofuel feedstock. Meanwhile, drought conditions in the U.S. Midwest showed no signs of relief, with forecasts calling for hot and dry weather next week, threatening soybean crops during the pod-setting stage and providing further support to prices. In addition, geopolitical frictions have pushed up costs for fertilizers and farm machinery operations. Data from an institute in Mato Grosso, Brazil, showed that the estimated local soybean planting cost for the 2026/27 season stands at 4,321.32 reais per hectare, up 3.35% year-on-year. Rising agricultural input costs, combined with El Nio climate risks, continue to squeeze planting margins. Higher planting and transportation costs have also lifted the landed cost of imported soybeans into China.