What drives the price outlook for China's soybean meal after recent pullbacks?

What drives the price outlook for China's soybean meal after recent pullbacks?
Soybean meal futures recently retreated to around 3050 yuan, giving back gains from a rally that started near 3050 and peaked at 3190. That advance was fueled by US political pressure to buy more US soybeans, a bullish USDA report cutting planted acreage, and rapeseed meal strength. The pullback is viewed as profit-taking after bullish news was fully priced in, not a new bearish driver. However, the underlying concern remains unresolved: winter soybean supply, particularly US purchases, is still uncertain. While global soybean supply is ample, China's short-term import schedule shows high arrivals. The market lacks a clear trend, but traders expect periodic bullish waves on any supply disruption news. Key levels to watch are support at 2924-2928 and resistance at 2960-2965.