Mysteel soybean and relatives market daily: U.S. soybeans broke out strongly, DCE soymeal followed suit but stockpile accumulation capped gains

CBOT soybean futures The front-month November contract settled at 1287.75, up 24.25 cents/bushel, and hit a new contract high intraday. The rally was driven by recovering U.S. soybean demand, with the USDA reporting multiple export sales on the day, including private exporters selling 182,000 metric tons of soybeans to China and 226,000 metric tons to unknown destinations, keeping export demand robust. Meanwhile, the U.S. Drought Monitor showed that as of the week ending August 25, approximately 28% of soybean-growing areas were affected by drought, up from 26% the previous week and 11% a year earlier. The continued decline in crop condition ratings to a 60% good-to-excellent level added pressure on production expectations. In the near term, attention should be paid to the pace of U.S. soybean exports and developments in biofuel policy.