# Strong export data lifts soymeal futures, but gains are choppy

> Dalian soymeal futures (2701 contract) closed up about 1.7% at 3,139 yuan/t, while Tianjin spot rose to 3,200 yuan/t. The USDA November report raised US 2026/27 soybean exports to 1.72 billion bushels and cut ending stocks to 300 million bushels, and Brazil's soybean export forecast for November rose to 4.37 million tonnes.

- Date: 2026-11-12 · published 2026-11-12T06:05:46.243Z
- Category: report · region China · magnitude low
- Page: https://feedsoft.ai/events/94945-strong-export-data-lifts-soymeal-futures-but-gains-are-choppy
- Commodities: [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Stronger US export demand and tighter US stocks support soymeal costs, but weak downstream hog and poultry margins and high domestic meal inventories cap the rally for Chinese buyers. Price direction stays mixed until South American weather changes crop expectations.

## Read by commodity

- SBM: neutral
- SOY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBM | 2025-06-30 | [U.S. grains: Soy futures end mixed; corn and wheat sag after USDA reports \| The Western Producer](https://feedsoft.ai/events/24225-u-s-grains-soy-futures-end-mixed-corn-and-wheat-sag-after-usda-reports-the.md) | -1.2% | -1.4% |
| SBM | 2026-02-26 | [Argentina Oilseeds Report: Weather, Soybeans & Crush \| Paradigm Futures](https://feedsoft.ai/events/13810-argentina-oilseeds-report-weather-soybeans-and-crush-paradigm-futures.md) | -2.5% | +1.5% |
| SBM | 2023-01-19 | [South American support of Chicago soy futures may soon face challenges -Braun \| Financial Post](https://feedsoft.ai/events/10665-south-american-support-of-chicago-soy-futures-may-soon-face-challenges-braun.md) | -2.5% | +1.9% |
| SBM | 2019-10-30 | [China, EU are importing soybeans from unregistered Brazil farms: report](https://feedsoft.ai/events/56584-china-eu-are-importing-soybeans-from-unregistered-brazil-farms-report.md) | -0.1% | -2.7% |
| SBM | 2025-04-11 | [Brazil's rising biodiesel demand restricts soybean oil exports](https://feedsoft.ai/events/25204-brazil-s-rising-biodiesel-demand-restricts-soybean-oil-exports.md) | -0.1% | -3.3% |
| SOY | 2018-06-12 | [Futures rally on bullish corn, soybean data](https://feedsoft.ai/events/64480-futures-rally-on-bullish-corn-soybean-data.md) | -4.7% | -10.6% |
| SOY | 2023-01-17 | [Demand for U.S. Soy Remains Strong Near Term - U.S. Soybean Export Council](https://feedsoft.ai/events/10666-demand-for-u-s-soy-remains-strong-near-term-u-s-soybean-export-council.md) | -3.1% | +0.3% |
| SOY | 2017-06-02 | [WEEKLY EXPORT REPORT: Soybeans, wheat have strong sales week](https://feedsoft.ai/events/70566-weekly-export-report-soybeans-wheat-have-strong-sales-week.md) | +2.8% | +0.4% |

## Sources

- finance.sina.com.cn: https://finance.sina.com.cn/money/future/fmnews/2026-11-12/doc-iniymwri1811119.shtml

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