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Mysteel soybean and relatives market daily: Crude oil weakness + harvest realization: soybean meal's high inventories suppress the basis

Source: Mysteel Nov 03, 2026 11:34
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Soybean Soybean Meal Demand Price Supply
CBOT soybean futures are weaker in the near months and stronger in the deferred months, with the front-month contract falling for a third consecutive week. The gradual arrival of a record U.S. crop brings seasonal selling pressure: harvest is advancing rapidly, farmers continue selling grain, and a sharp depreciation of the Brazilian real has prompted farmers there to accelerate liquidation; continued fund liquidation and a stronger dollar have also weighed on the board. However, strong export demand and bargain buying limited the decline. Argentina's planting has begun, with 2.3% of the expected 17 million hectares completed as of October 28, 1.3% ahead of the same period last year, and soil moisture is ideal in most production areas.

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