According to the Commodity Market Analysis System of SunSirs, since June, the soybean meal market has mainly fluctuated and risen due to the long short game. On June 1st, the average market price of soybean meal was 2,956 RMB/ton, and on June 19th, the average market price of soybean meal was 3,000 RMB/ton, with a price increase of 1.49%.

Supply side: Customs data shows that China's soybean imports in May were 13.918 million tons, an increase of 129% compared to the previous month. From January to May 2025, the cumulative import of soybeans was 37.108 million tons, a year-on-year decrease of 0.7%. Starting from June, the import quantity of raw soybeans continues to increase. Shipping schedule monitoring predicts that 12 million tons of imported soybeans will arrive at the port in June. The operating rate of soybean oil plants has increased, and the supply is loose, putting pressure on the upward trend of soybean meal market.

Inventory: From the statistics of soybean meal inventory, it can be seen that in early March, the import of soybeans to the port gradually increased, and soybean meal inventory gradually rebounded, reaching the level of 600,000 tons. Since April, due to the impact of tariff policies, the number of imported soybeans arriving at ports has been continuously decreasing, and soybean meal inventories have hit a new record, falling to single digits. In early May, the number of imported soybeans arriving at the port recovered, and soybean meal inventories gradually rebounded. As of the week of June 13th, soybean meal inventory reached 410,000 tons, with a significant increase in quantity. Inventory pressure remains, and the upward trend of soybean meal market is limited.

Futures: As we enter June, the weather and precipitation in the United States have increased, and coupled with the growing season of soybeans, the market sentiment has increased, with the external soybean futures market mainly rising. The domestic soybean meal futures market followed suit and rose, supporting the rise of the spot market. As of June 19th, the main contract for soybean meal received 3,077 RMB/ton, an increase of 4.8% from early June. The rise in soybean meal market this round is mainly due to the boost of futures market.

Demand: After June, the domestic soybean meal market prices have rebounded, and the market lacks bullish momentum for the soybean meal market. The purchasing enthusiasm of the terminal feed factory is average. The trading volume of soybean meal market is low, and the shipment volume has decreased. Terminal demand is weak, and the momentum for the surge in soybean meal prices is insufficient.

The soybean meal analyst from SunSirs believes that by the end of June, the amount of imported soybeans as raw materials arriving at the port will be huge, and the operating rate of soybean oil plants will increase. Terminal demand is unlikely to improve, and the soybean meal market may mainly decline weakly.

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