# Soybean meal holds momentum despite high domestic inventories | Mysteel

> China's DCE soybean meal futures have strengthened since mid-September, with the main contract closing at 3,477 yuan per tonne on September 17 and trading above 3,500 intraday. The rally follows a USDA September report that was neutral to bearish but left U.S. soybean exports strong at 1.685 billion bushels. Reports of planned China-U.S. tariff cuts have also supported sentiment.

- Date: 2026-09-21 · published 2026-09-21T12:00:00.000Z
- Category: trade · region China · magnitude medium
- Page: https://feedsoft.ai/events/11646-soybean-meal-holds-momentum-despite-high-domestic-inventories-mysteel
- Commodities: [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Persistent U.S. export demand and expected tariff relief tighten available supply for Chinese crushers and support meal prices despite high domestic inventories. Buyers should expect firm meal values while export demand holds.

## Read by commodity

- SBM: bullish ▲
- SOY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBM | 2024-02-29 | [Soybean meal prices in Thailand will remain high](https://feedsoft.ai/events/31752-soybean-meal-prices-in-thailand-will-remain-high.md) | -0.3% | -0.6% |
| SBM | 2026-10-29 | [Soybeans Market: Indian Soymeal Exports Slump, Domestic Demand Tightens — CMB News](https://feedsoft.ai/events/493-soybeans-market-indian-soymeal-exports-slump-domestic-demand-tightens-cmb-news.md) | -3.3% | — |
| SBM | 2026-08-28 | [Soybean futures hit contract highs on Chinese demand By Investing.com](https://feedsoft.ai/events/17944-soybean-futures-hit-contract-highs-on-chinese-demand-by-investing-com.md) | +4.5% | +12.9% |
| SBM | 2023-10-27 | [Soybean Meal-Corn Ratio Nearing Highest Levels in Three Years](https://feedsoft.ai/events/33764-soybean-meal-corn-ratio-nearing-highest-levels-in-three-years.md) | -0.1% | +7.3% |
| SBM | 2026-06-29 | [Informist Media - INTERVIEW: Soymeal exports fall on high cost, domestic demand, says SEA Executive Director Mehta](https://feedsoft.ai/events/18882-informist-media-interview-soymeal-exports-fall-on-high-cost-domestic-demand.md) | +2.5% | +6.7% |
| SOY | 2026-10-29 | [Soybeans Market: Indian Soymeal Exports Slump, Domestic Demand Tightens — CMB News](https://feedsoft.ai/events/493-soybeans-market-indian-soymeal-exports-slump-domestic-demand-tightens-cmb-news.md) | -1.5% | — |
| SOY | 2024-05-20 | [US Soybean Prices Higher in Spite of Tariff Concerns](https://feedsoft.ai/events/30297-us-soybean-prices-higher-in-spite-of-tariff-concerns.md) | +1.6% | -5.7% |
| SOY | 2026-08-28 | [Soybean futures hit contract highs on Chinese demand By Investing.com](https://feedsoft.ai/events/17944-soybean-futures-hit-contract-highs-on-chinese-demand-by-investing-com.md) | +4.0% | +5.0% |

## Sources

- mysteel.net: https://www.mysteel.net/analysis/5141978-soybean-meal-holds-momentum-despite-high-domestic-inventories

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.