According to customs data, China imported 8.11 million tons of soybeans in November, a decrease of 14.5% compared to the previous month and an increase of 13.4% compared to 7.15 million tons in the same period last year. In the first 11 months of 2025, China's soybean imports reached 103.79 million tons, a year-on-year increase of 6.9%.

China's soybean imports in November decreased by 14.5% month on month to 8.11 million tons, indicating short-term supply constraints that may push up spot prices. Although the year-on-year increase of 13.4% and the cumulative growth of 6.9% in the first 11 months indicate strong demand, the month on month decline is significant, leading to increased supply side pressure and providing positive support for the spot market.

The reduction in soybean imports affects the supply of soybean meal raw materials, which may limit soybean meal production and put upward pressure on spot prices. In terms of futures, the main soybean meal contract 2605 closed at 2,763 RMB/ton (down 22 RMB/ton), with a trading volume of 859,072 lots and an increase in holdings of 28,770 lots, indicating market activity; Combined with the expectation of tight supply, futures prices may rebound, which is favorable for bulls.

The reduction in soybean supply indirectly affects soybean oil production, and spot supply may tighten, supporting price increases. In terms of futures, the main soybean oil contract 2605 closed at 7,984 RMB/ton (down 54 RMB/ton), with a trading volume of 231,924 lots and an increase in holdings of 18598 lots, indicating active market trading; The supply side pressure has turned into a bullish factor, and futures prices are expected to stabilize and rebound.

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