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Spot supply pressure continues to become more pronounced, which will limit the rebound in soybean meal prices.

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Due to high temperatures in parts of the U.S. Midwest earlier this week, which are unfavorable for soybean growth, China’s strong demand for U.S. soybeans—combined with a renewed escalation of fighting in the Middle East—has led the U.S. to strengthen its blockade of Iran’s coast, providing support. Soybeans surged higher, and CBOT soybean futures hit the highest level in more than two months. As U.S. soybeans enter the most critical period for yield formation, potential bullish weather and strong export demand alternate to inject upward momentum into the U.S. soybean market, while also lifting the cost of imported soybeans, strengthening plants’ willingness to hold firm on soybean meal prices. However, at present, domestic imported soybean supply remains sufficient; oil mills are operating at high rates, and soybean crushing volumes stay high. Soybean meal output is large, but market trading remains subdued, inventories continue to rise, and spot supply pressure remains prominent, which will limit the rebound in soybean meal prices. (Feed Industry Information Network)
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