According to the National Grain and Materials Reserve Data Center: In June, the volume of imported soybeans arriving at ports remains high—projected to exceed 10 million tons. With domestic oil mills enjoying ample raw material supplies, soybean crushing volumes are expected to remain at a high level of approximately 2.2 million tons. Furthermore, amidst the ongoing reduction in domestic hog production capacity, soybean meal inventories are projected to rebound to around 500,000 tons by the end of the month. This represents a month-on-month increase of approximately 200,000 tons, though it remains down by about 250,000 tons year-on-year and falls short of the three-year historical average for this period by roughly 350,000 tons.

On the supply side, with imported soybean arrivals in June expected to exceed 10 million tons and domestic oil mills well-stocked with raw materials, soybean crushing volumes are holding steady at a high level of around 2.2 million tons, ensuring a fully adequate supply of soybean meal. On the demand side, however—influenced by the continued reduction in domestic hog production capacity—feed demand for soybean meal remains weak. Consequently, soybean meal inventories are projected to rise by approximately 200,000 tons month-on-month to reach 500,000 tons by the end of the month. This trend exerts bearish pressure on soybean meal prices; however, given that current inventory levels remain lower than both the year-ago figure and the three-year historical average for this period, the extent of this bearish impact is limited. Overall, the market outlook is moderately bearish.

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