National Grain and Material Reserve Data Center, January 6th: In December 2025, the soybean crushing volume of domestic oil plants remained high, with a monthly crushing volume of around 9.05 million tons, and soybean meal continued to accumulate in inventory. The amount of imported soybeans arriving at the port in January has decreased, and it is expected that the soybean crushing volume will slightly decrease to around 8 million tons. The output of soybean meal is about 6.4 million tons. Coupled with the approaching Spring Festival stocking, it is expected that the soybean meal inventory of domestic oil plants will decrease to around 900,000 tons by the end of January.

The article points out that the high soybean crushing volume (9.05 million tons) in December 2025 will lead to the continuous accumulation of soybean meal inventory, and the short-term increase in supply will bring negative pressure; But in January 2026, the import of soybeans to the port will decrease, and the crushing volume is expected to drop to around 8 million tons. The output of soybean meal is about 6.4 million tons. Coupled with the increase in stocking demand during the Spring Festival, it is expected that the inventory will drop to around 900,000 tons by the end of January, and the improvement in supply and demand will support the upward trend of prices. The soybean meal futures data shows that the main contracts such as 2605 (settlement price of 2,791 RMB/ton, up or down 28) and 2603 (settlement price of 3,130 RMB/ton, up or down 32) have generally risen, with increased trading volume and holdings, indicating that the market sentiment is biased, and short-term positive factors are driving the futures prices to continue their upward trend.

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