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Mysteel soybean and relatives market daily: High inventory combined with advancing harvest pushes soybean meal price center lower

Source: Mysteel Oct 16, 2026 10:44
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Soybean Soybean Meal Demand Price Supply
CBOT soybean futures, the front-month November contract, settled at 1264.25, down 13.25 cents per bushel. The decline was mainly pressured by accelerating harvest progress and expectations of a record crop. The NOPA report showed that U.S. soybean crush volume in September was only 196.3 million bushels, down 4.46% month-on-month, hitting a 13-month low and falling short of expectations, offsetting the positive factor of export demand. Although the USDA reported private exporters selling 330,000 tonnes to China and 283,000 tonnes of new-crop soybeans to unknown destinations, the market remains doubtful about the pace of Chinese purchases and the fulfillment progress of the annual 25-million-tonne commitment. In addition, U.S. CPI coming in above expectations pushed the dollar higher, dragging commodities broadly lower and exacerbating short-term volatility. In the near term, focus on harvest progress and the sustainability of Chinese purchases.

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