International crude oil prices surge, boosting soybean futures; soybean meal prices tentatively rise.

Due to the ongoing disruption of supply caused by Middle East conflicts, international crude oil prices continue to soar and hit the highest level since July 8, 2024, boosting the Chicago soybean futures benchmark contract to close up 0.8%. Delays in Brazil soybean harvests and Middle East warfare have strengthened U.S. soybeans, with rising costs and delays in domestic port clearance continuing to support soybean meal prices. Today, soybean meal generally experienced tentative gains. However, as oil refinery operating rates gradually return to normal and soybean meal production increases, feed and breeding enterprises mainly continue to fulfill previous contracts, resulting in limited demand for procurement. Inventory is expected to stabilize and rebound, with further price increases limited. Nonetheless, before large quantities of South American soybeans arrive at ports, soybean meal prices are likely to fluctuate with a slight upward trend. (China Feed Industry Information Network)