According to the Commodity Market Analysis System of SunSirs, since November, long and short factors have intertwined, and the soybean meal market has fluctuated at a high level. On November 1st, the average market price of soybean meal was 3,046 RMB/ton, and on November 21st, the average market price of soybean meal was 3,070 RMB/ton, with a price increase of 0.79%.

Supply side: From January to October 2025, China imported a total of 95.68 million tons of soybeans, an increase of 6.4% year-on-year. In October, China imported 9.48 million tons of soybeans, a decrease of 26.3% compared to the previous month. The quantity of imported soybeans remains high, and the loose supply has to some extent suppressed the soybean meal market.

Inventory: Starting from the second half of the year, soybean meal inventory will continue to rise. In June, it continued to increase, with soybean meal inventory remaining high in July and exceeding 1 million tons in August. In September, soybean meal inventory remained above 1.1 million tons, with a peak of over 1.2 million tons in mid month. After the National Day holiday, inventory levels declined and returned to below 1 million tons. In November, soybean meal inventory remained at around 1 million tons. Inventory pressure persists, and the rebound of soybean meal market is weak.

Futures: Since November, the soybean planting season in South America has begun, and external bullish factors for beans still exist. Although the external soybean market has been boosted, due to the gradual recovery of soybean trade between China and the United States and the suppression of negative factors, the domestic soybean meal futures market has fluctuated with ups and downs. As of November 21st, the yield of soybean meal was 3012 RMB/ton, an increase of 0.46% compared to early November. The futures market is boosted, while the spot market is overall at a high level.

Requirement: Starting from November, the operating rate of the terminal breeding industry is still acceptable, the rigid demand for soybean meal is average, the market procurement of soybean meal is cautious, and the market transaction volume of soybean meal is average. The supporting effect of terminal demand on the soybean meal market is not significant, and the soybean meal market is under pressure to rise.

The soybean meal analyst from SunSirs believes that as of the end of November, the quantity of imported soybeans remains high, soybean oil factories have low profits, and terminal demand is average. The bearish trend is still present, and the soybean meal market may mainly experience a weak decline in the future.

If you have any enquiries or purchasing needs, please feel free to contact SunSirs with support@sunsirs.com.