--- title: "CBOT Soybeans Pull Back from Multi-Year Highs as US Stocks Tighten and Chinese Demand Holds Firm" summary: "Soybean futures and products on the Chicago Board of Trade are undergoing modest profit-taking after a strong late-summer rally, with US September 1 inventories running about 3% below last year and Chinese demand continuing to underpin prices across the complex." url: "https://feedsoft.ai/articles/cbot-soybeans-pull-back-from-multi-year-highs-as-us-stocks-tighten-and-chinese-demand-holds-firm-8002ce81" publisher: "The Feed Report" section: "Commodity Markets" author: "The Feed Desk" datePublished: "2026-10-04T04:09:49.701Z" dateModified: "2026-10-04T04:09:49.701Z" sources: - title: "Soybean Market Update: US Stocks Tighten, Futures Ease from Highs — CMB News" url: "https://commodity-board.com/soybeans-ease-from-highs-as-us-stocks-tighten-and-china-stays-firm" --- # CBOT Soybeans Pull Back from Multi-Year Highs as US Stocks Tighten and Chinese Demand Holds Firm *Soybean futures and products on the Chicago Board of Trade are undergoing modest profit-taking after a strong late-summer rally, with US September 1 inventories running about 3% below last year and Chinese demand continuing to underpin prices across the complex.* Soybean futures and derivative products on the Chicago Board of Trade (CBOT) slipped on 1 October 2026, pulling back from multi-year highs reached in recent weeks, as traders took profits following a strong late-summer rally. The retreat was contained, however, with tighter US old-crop stocks, firm Chinese buying, and weather risks in South America continuing to support the market. According to CMB News, CBOT November 2026 soybeans last traded at 1,284.25 US cents per bushel, down 8.75 cents, or 0.68%, on the day. The January–July 2027 forward strip stood only around 40–45 cents above nearby, reflecting what the source described as "a relatively flat forward curve." CBOT December 2026 soymeal was quoted at 354.80 USD per short ton, off 0.59%, while CBOT December 2026 soyoil traded around 67.65 US cents per pound, down approximately 0.92%, as uncertainty around US biofuel policy weighed on that leg of the complex. In contrast, China's Dalian Commodity Exchange (DCE) November 2026 soybeans settled up roughly 2% on the day at 5,236 CNY per tonne, extending a rally across the November 2026–September 2027 strip. CMB News attributed the strength to "resilient Chinese domestic demand and basis support." ## US Stocks Tightest in Years The source cited the latest US September 30 Grain Stocks data, which showed US soybean inventories as of September 1 running "roughly 3% below the prior year." CMB News noted this compares with a sharper year-on-year rise in corn stocks, implying "a smaller soybean buffer heading into 2026/27." The tighter carry-in was said to be compounded by a slight downward revision to 2025 US soybean production. On the other side of the ledger, NASS acreage data reportedly showed 2026 soybean harvested area up about 5% year-on-year, which CMB News said should help rebuild stocks if trend yields are achieved. The 2026 US harvest was described as underway but uneven, with wet soils delaying fieldwork in parts of the Midwest and tightening nearby physical availability. CMB News reported crushers were "scrambling for nearby supplies as old-crop stocks run down," supporting strong spot soymeal prices. ## Physical Markets Mixed Physical origin quotes published by CMB News on 1 October showed Chinese yellow soybeans offered FOB Beijing at 0.73 EUR/kg, down from 0.76, while Chinese organic yellow soybeans held flat at 0.83 EUR/kg. Ukraine GMO-free soybeans were quoted CPT Odesa at 0.396 EUR/kg, up from 0.383 at the prior quote on 28 September. India sortex clean soybeans remained unchanged at 0.87 EUR/kg FOB New Delhi, with that quote dated 26 September. ## South American Weather in Focus CMB News noted that the Brazilian 2026/27 soybean planting window was opening under "mixed but broadly manageable conditions," with official crop monitoring indicating planting was progressing. Independent weather outlooks were said to highlight "El Niño-linked heat and intermittent dry spells in key states like Mato Grosso," with analysts advising caution on early planting but expecting more regular rainfall from mid-October onward. In Argentina, soil moisture was described as closely watched after previous drought years, with current baseline expectations assuming roughly normal weather and output stabilising near last season's recovered levels. ## Macro and Policy Factors CMB News identified uncertainty around US biofuel policy deadlines as a source of additional volatility in the soyoil market, while noting that broader commodity buying and energy-led cost inflation had amplified recent strength across grains and oilseeds. The source added that DCE futures were showing sensitivity to "policy headlines and feed demand signals." ## Sources - [Soybean Market Update: US Stocks Tighten, Futures Ease from Highs — CMB News](https://commodity-board.com/soybeans-ease-from-highs-as-us-stocks-tighten-and-china-stays-firm) *Cite as: The Feed Report, "CBOT Soybeans Pull Back from Multi-Year Highs as US Stocks Tighten and Chinese Demand Holds Firm", https://feedsoft.ai/articles/cbot-soybeans-pull-back-from-multi-year-highs-as-us-stocks-tighten-and-chinese-demand-holds-firm-8002ce81 (as of 2026-10-04).*