Huatai Futures: Imported soybeans continue to arrive at ports, spot prices come under downward pressure

Mysteel Estimate: In May 2026, China’s domestic sample oil mills are expected to receive about 9.8865 million tons of soybeans; in June, they are expected to receive 11 million tons; in July, they are also expected to receive 11 million tons.

Weather conditions: This week, precipitation in Northeast China is below average. In some production areas, soil moisture is deficient from light to severe levels, which is unfavorable for soybean sowing and seedling emergence. In the northern winter wheat region, precipitation is beneficial for increasing soil moisture and wheat grain filling. In the Yangtze River region, South China, and Southwest China, there is frequent rain, limited sunshine, and strong convective weather often occur, which is unfavorable for the growth of spring crops and summer harvest operations.

Remaining grain situation: The downstream bean products consumption off-season continues. Market soybean consumption is progressing slowly. It is estimated that remaining soybeans are 25% in Heilongjiang, 30% in Anhui, 34% in Henan, and 35% in Shandong.

Demand outlook: In the sales areas, terminal consumption is weak. Downstream processing companies and traders purchase cautiously, mainly buying on demand. Their willingness to replenish inventory is sluggish. Overall trading is subdued. Continued arrivals of imported soybeans and rising inventories at oil mills are clearly substituting for domestic soybeans, putting spot prices under downward pressure. (Huatai Futures)