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Mysteel soybean and relatives market daily: Cost support coexists with high inventory suppression, limiting the room for soybean meal basis repair

Source: Mysteel Sep 20, 2026 10:51
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Soybean Soybean Meal Demand Price Supply
CBOT soybean futures are under short-term pressure, but the downside is limited. The medium-term price center is expected to rise, with the November contract projected to trade in a range of 1,260-1,370 cents per bushel. The current advancement of U.S. soybean harvesting and the acceleration of planting in Brazil constitute stage pressure, but insufficient pricing of supply risks in the global balance sheet will limit the decline. On the supply side, the USDA September report raised the U.S. soybean yield to 52.8 bushels per acre, but the fragility of this historically high yield assumption is beginning to emerge. The U.S. soybean good-to-excellent rating has fallen to 58%, lagging behind 63% in the same period last year.

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