# Zhengxin Futures: Domestic Soybean and Soymeal Supplies Abundant, Upside Pressure on Prices

> US soybean harvest progressed to 88% as Midwest weather improved, and USDA raised the US annual export forecast on strong global demand. Brazil's new-crop output forecast was also raised, while Chinese crushers' utilization rose and oil mill soybean inventories remained high.

- Date: 2026-11-04 · published 2026-11-04T03:14:15.038Z
- Category: market · region China · magnitude low
- Page: https://feedsoft.ai/events/79090-zhengxin-futures-domestic-soybean-and-soymeal-supplies-abundant-upside-pressure
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

Higher US export forecasts and a larger Brazilian crop offset each other, while high domestic Chinese crush stocks cap soymeal prices, leaving the near-term bias bearish.

## Read by commodity

- SBM: bearish ▼
- SOY: bearish ▼

## Sources

- goodsfu.10jqka.com.cn: http://goodsfu.10jqka.com.cn/20261104/c681436659.shtml

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