10/07/26 Soymeal Key to Soybean Price Strength

10/07/2026 Click Above to Watch the Morning Market Talk Video Soymeal Key to Soybean Price Strength On the Grains Soybeans and soymeal mildly extended Tuesday’s strong gains overnight. Corn, wheat and soyoil futures pulled back amid corrective selling. November soybeans pushed back above $13 and into the month-long sideways range on the daily chart after a failed downside breakout. The stronger Brazilian real is supportive, along with the slowed harvest pace and crop quality concerns in the western Corn Belt. While the delayed harvest and reduced soybean quality in the western Corn Belt are primarily cash market issues, they are compounding the supply squeeze faced by crushers that need to secure enough quality supplies to meet their near-term soymeal commitments. Crushers bet on an active and early harvest. Instead, they got a delayed harvest with lower quality soybeans. If soymeal is higher, soybeans have little choice but to trade higher. Note: China is on a week-long holiday, but that doesn’t mean its state firms didn’t book some U.S. soybeans through their international trading houses. It would be surprising if Sinograin and/or Cofco didn’t use the recent price break below $13 to book some additional U.S. cargoes. Geopolitically, Russia and Ukraine…