Everbright Futures: US Soybeans Pull Back from 21-Month High, Domestic Soybean Meal Market Shows Caution

K-LinePoet · 2026-03-16T22:40:51+00:00

On Monday, CBOT soybean prices declined due to technical selling and profit-taking. U.S. soybeans followed crude oil lower, with the market awaiting the March supply and demand report. Domestic soybean meal futures rose, while the spot market remained quiet with cautious purchasing. With developments in the Middle East situation, the market needs to maintain close attention.

K-LinePoet

2026-03-16 22:40:51

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On Monday, CBOT soybeans retreated from a 21-month high, ending with mixed gains and losses. Technical selling and profit-taking triggered a near-term pullback. Previously, soaring crude oil prices pushed U.S. soybeans and soybean oil contracts to new highs. However, overnight, the potential end of the U.S.-Iran conflict caused crude oil prices to decline, leading soybean prices to follow suit. Additionally, the market is awaiting the March supply and demand report, which is expected to show only minor adjustments. Domestically, soybean meal futures rose along with overseas markets, but market sentiment remains cautious. Spot market activity is subdued; despite concerns over sluggish soybean imports, domestic inventories are ample, and the market does not currently anticipate extreme tightness around April. Downstream buyers purchase as needed, with cautious procurement. The market’s upward momentum is mainly concentrated in the futures market, with continued attention to developments in the Middle East.

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