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Mysteel soybean and relatives market daily: U.S. soybeans end eight-session losing streak; DCE soybean meal rebounds on position reduction to reclaim Yuan 3,250/tonne

Source: Mysteel Oct 23, 2026 14:38
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Soybean Soybean Meal Demand Price Supply
The CBOT November soybean front-month contract ended its previous eight-session losing streak. The core driver came from export data support: the USDA weekly sales report showed that U.S. soybean export sales for the week ending October 15 rose by a net 2.841 million tonnes, surging 394% from the previous week and 315% above the four-week average, landing at the high end of the market estimate range of 1.83.0 million tonnes. Net sales to China and shipment volumes both rose notably, partially correcting the expectation of absent Chinese purchases. In addition, firmer international crude oil, CBOT soybean oil rising more than 1%, and active spread trading jointly lifted soybean complex valuations. Supply-side pressure is easing: as of October 16, the harvest progress stood at 64%, having caught up with the five-year average of 65%, while the good-to-excellent rating held steady at 57%, meaning most of the harvest-related bearish factors have been priced in;

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