SunSirs: Positive Support, China Soybean Meal Market Gradually Rises

According to the Commodity Market Analysis System of SunSirs, since November, there has been a long short game, and the soybean meal market has fluctuated and risen. On November 1st, the average market price of soybean meal was 3,046 RMB/ton, and on December 11th, the average market price of soybean meal was 3,108 RMB/ton, with a price increase of 2.04%.

Supply side: From January to November 2025, China imported a total of 103.789 million tons of soybeans, a year-on-year increase of 6.9%. Among them, China imported 8.11 million tons of soybeans in November, a decrease of 14.5% compared to the previous month. In November, the import quantity of raw soybeans declined, easing supply pressure and leading to an increase in the soybean meal market.

Inventory: Since April, due to the impact of tariff policies, the number of imported soybeans arriving at ports has been continuously decreasing, and soybean meal inventory has hit a new record, falling to single digits. In early May, the number of imported soybeans arriving at the port recovered, and soybean meal inventories gradually rebounded. In June, it continued to increase, and soybean meal inventory remained high in July, exceeding 1 million tons in August. In September, soybean meal inventory remained above 1.1 million tons, with a peak of over 1.2 million tons in mid month. After the National Day holiday, inventory levels declined and returned to below 1 million tons. Starting from November, soybean meal inventory has remained at the forefront of 1.1 million tons. At the beginning of December, soybean meal inventory was around 1.05 million tons. High inventory levels are suppressing the upward trend of soybean meal prices.

Futures: Starting from November, the price of US soybeans fluctuated and rose in the external market, and the export of US soybeans resumed with an increase in export quantity. Boosted by external markets, the domestic soybean meal futures market has improved, mainly oscillating upwards. In early December, the soybean meal futures market continued to strengthen. As of December 11th, the main contract for soybean meal futures closed at 3075 RMB/ton, up 1.6% from early November. The futures market has risen, and the spot market for soybean meal has followed suit.

Demand: Since November, the operating rate of the terminal breeding industry has been acceptable. As of early December, the rigid demand for soybean meal has supported the improvement of market procurement of soybean meal, and the trading volume of soybean meal market has increased. Supported by terminal demand, the soybean meal market has rebounded.

The soybean meal analyst from SunSirs believes that in late December, the number of imported soybeans increased, and the raw material inventory of soybean oil plants remained high, which limited their operation. The supply became tight, supported by the bullish trend, and the soybean meal market may continue to rise in the future.

If you have any enquiries or purchasing needs, please feel free to contact SunSirs with support@sunsirs.com.