March 24, 2026

Soybean meal market in China shows significant uptrend

The Chinese soybean meal market is showing a strong upward trend thanks to lower raw material imports, seasonal inventory reductions, and rising demand from processors, according to SunSirs, a Chinese commodity analysis center.

Experts predict continued potential for further growth, but inventories are currently falling below 700,000 tonnes.

As a reminder, soybean meal inventories showed a steady increase from 400,000 tons in June to 1.2 million tonnes by the end of the year.

The inventory reduction created favorable conditions for a price rally.

Since the March publication of the USDA report on declining global soybean supply and the escalation of geopolitical tensions in the Middle East, which has led to higher transportation costs, soybean futures have been driving up.

As of March 13, the main soybean meal contract on the Chinese spot market closed at ¥3,128 per tonne (US$453.30), up 9.65% from the beginning of the month.

According to customs statistics, China imported 5.976 million tonnes of soybeans in February 2026. Total imports for the first two months of the year amounted to 12.547 million tonnes, down 7.8% from the same period last year. Reduced raw material supplies eased pressure on processors and created the preconditions for rising soybean meal prices.

Market analysts note that the continued external bullish trend, easing pressure on raw material supplies, and reduced finished product supply create conditions for further growth in the soybean meal market in the foreseeable future.

- OleoScope