According to EU data, for the 2025/26 marketing year to date, the volume of EU soybean imports has decreased by 9%. While the market share held by imports from the United States and Ukraine has declined, Brazil’s share has increased.

As a major global importer of soybeans, the EU has seen its import volume fall by 9% year-on-year so far in the 2025/26 season. This directly reflects weak regional demand for soybeans, creating a bearish sentiment for soybean spot prices. Concurrently, the decline in the market share of soybean exports to the EU from the U.S. and Ukraine—coupled with the rise in Brazil’s share—indirectly confirms the ample supply of Brazilian soybeans. This factor further weighs on prices, constituting a generally bearish influence on the market.

Soybeans serve as the primary raw material for the production of soybean meal. Consequently, the bearish price expectations for soybeans—stemming from the recent decline in EU imports—are expected to filter down to the soybean meal market, exerting a slightly bearish pressure on soybean meal prices. In terms of futures market performance, the benchmark soybean meal contract (2609) closed on May 8, 2026, at 3,003 RMB per ton—a decline of 5 RMB per ton from the previous trading day. Open interest increased by 39,967 lots, indicating a weak short-term trend that aligns with the logic of bearish cost-side pressures being transmitted down the supply chain.

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