According to EU data, as of October 19, 2025, the total import volume of soybean meal in the EU for the year 2025/26 has decreased by 1% year-on-year, with Brazil and Ukraine both increasing their share and Argentina decreasing its share.

The total import volume of soybean meal in the EU for 2025/26 decreased by 1% year-on-year, indicating signs of contraction on the demand side; The increase in share of Brazil and Ukraine indicates intensified supply competition, which may increase the global supply of cheap soybean meal, while the decline in share of Argentina has not offset the overall decline in imports. This will exert downward pressure on the spot price of soybean meal, as weakened demand and supply competition may lead to loose supply and demand in the spot market. In terms of futures, although soybean meal contracts on the Dalian Commodity Exchange (such as the closing price of contract 2601 at 2,933 RMB/ton, up 24 points) have shown an upward trend recently, import data suggests uncertainty in future demand, which may suppress price upward space and pose adjustment risks.

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