China's soybean imports reached 11.791 million tonnes in May 2026, a month-on-month increase of nearly 40% from the 8.478 million tonnes recorded in April. With abundant domestic soybean supplies and sufficient raw materials for crushing, expectations for increased soybean meal supply are exerting downward pressure on prices. On June 9, 2026, the benchmark soybean meal futures contract (2609) closed at 2,895 RMB/tonne—down 4 RMB from the previous trading day—with open interest decreasing by 28,274 lots; the market is trading weakly, and spot prices are expected to face similar downward pressure.

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