The weekly export sales report reissued by the US Department of Agriculture shows that as of the week of October 30, 2025, the net sales volume of soybean meal in the United States for the year 2025/26 was 219,830 tons, compared to 640,021 tons last week.

The net sales volume of soybean meal in the United States dropped significantly from 640,021 tons last week to 219,830 tons, a decrease of 65.6%, indicating a significant weakness in demand and negative pressure on spot prices. Weakening demand may increase inventory pressure, leading to downward pressure on spot prices. Based on soybean meal futures data, the closing price of the main contract 2605 was 2,833 RMB/ton, down 11 RMB/ton, indicating an increase in holdings but a decrease in price, reflecting bearish sentiment in the market. This report reinforces the expectation of oversupply, which may further lower futures prices, especially for short-term contracts such as 2601 and 2605, and requires attention to future demand changes.

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