The supply and demand report from the US Department of Agriculture shows that although production and import estimates have been raised, domestic consumption and exports have also been increased, resulting in a decrease in the final inventory of US soybean meal from 475,000 short tons last month to 450,000 short tons in 2025/26. The export estimate has been raised by 200,000 short tons to 19.4 million short tons. The annual average price of soybean meal has been reduced by $5 to $295.00 per short ton.

The report shows that the ending inventory of soybean meal in 2025/26 decreased from 475,000 short tons to 450,000 short tons, and exports increased by 200,000 short tons to 19.4 million short tons. The decrease in supply and increase in demand have benefited spot prices. But the annual average price has been lowered by $5 to $295 per short ton, reflecting the market's expectation of forward price pressure and suppressing the increase. In the futures market, the main soybean meal contract, such as 2609, closed at 2,886 RMB/ton (settled at 2,882 RMB/ton), up 3 RMB, and the position increased to 348,617 lots, indicating an increase in bullish sentiment in the market. Based on the report, short-term futures prices may continue their upward trend supported by favorable inventory and export conditions.

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