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China soybean and relatives market daily: U.S. soybean harvesting is accelerating, while the destocking of domestic soybean meal inventories still takes time

Source: Mysteel Oct 08, 2026 10:53
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Soybean Soybean Meal Demand Price Supply
On Wednesday, the CBOT soybean benchmark contract retreated from a one-week high, mainly pressured by clearing weather in the Midwest production areas, large-scale harvester operations, increased pressure from the concentrated listing of new soybeans, stronger farmers' willingness to sell grain, and weak spot market prices. In addition, the U.S. dollar index closed at 102.242, up 0.4%, further suppressing U.S. soybean valuations. However, the U.S. soybean good-to-excellent rating held steady at 57%, and the harvest progress of 25% was below the five-year average of 33%, providing some support to the futures market. On the export side, as of the week ending October 1, U.S. soybean export inspections amounted to 1.1384 million tonnes, up 45% year-on-year, of which shipments to China were 756,500 tonnes, accounting for 66%; new-crop export sales commitments were already close to twice the level of the same period last year, with Chinese purchases continuing to recover.

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