📈 Big Surge! Soybean Meal and Rapeseed Meal Rise Together

May 29, 2026, 1:49 PM

LYDD-Global

Guide

Highlights at a glance

Soybean and rapeseed meal markets saw synchronized gains in both futures and spot prices. The DCE soybean meal contract rose to 3,038 yuan amid support from China's $17B annual U.S. farm purchases. Spot prices climbed to 2,965 yuan, led by gains in Jiangsu and Shandong. However, Brazilian oversupply and rising inventories pose downside risks. Rapeseed meal futures closed at 2,373 yuan, with spot prices up 20 yuan across regions. Increased oil mill operations may ease supply, suggesting near-term volatility despite bullish sentiment.

🌱 Soybean Meal: Spot and Futures Climb Together

Futures Market:
The Dalian Commodity Exchange (DCE) soybean meal main contract (M2609) opened at 2,991 yuan and closed at 3,038 yuan, up 59 yuan. The intraday high was 3,039 yuan, and the low was 2,986 yuan.

Spot Market:
The average spot price of soybean meal hit 2,965 yuan, rising by 15 yuan.

Jiangsu region: Prices ranged from 2,880 to 2,960 yuan, up 20-40 yuan.
Shandong region: Prices ranged from 2,920 to 2,960 yuan, up 10-20 yuan.

💡 Market Analysis: Costs Support, but Downside Risks Remain

Cost Support:
Market sentiment was boosted after the White House announced that China has committed to purchasing at least $17 billion worth of U.S. agricultural products annually over the next three years. This sparked short-term bullish enthusiasm, with benchmark CBOT soybean futures closing 2.9% higher.

Downside Pressures:
However, cost-side support may not be enough to halt the downward trend for soybean meal:

Brazilian Supply: Pressure from Brazil's record-breaking soybean output continues to weigh on the market, causing prices to oscillate repeatedly around the 1,200 cents mark.
Supply Stability: While China has yet to release details on U.S. soybean purchases, the agreement helps ensure stable domestic soybean supply.
Inventory Build-up: Arrivals of imported soybeans are climbing. As oil plant operating rates rebound alongside increased imports, expectations for soybean meal inventory accumulation are rising.

Outlook: Moving forward, keep a close eye on the key support level of 2,800 - 2,900 yuan for spot prices.

🌿 Rapeseed Meal: Synchronized Gains in Spot and Futures

Futures Market:
The main rapeseed meal contract (RM2609) opened lower but rallied, maintaining a volatile upward trend throughout the day and closing higher. It opened at 2,321 yuan and closed at 2,373 yuan, up 51 yuan.

Spot Market:
Spot prices generally rose by 20 yuan across the board. Representative prices include:

Dongguan: 2,330 yuan/ton
Nantong Port: 2,400 yuan/ton
Tianjin: 2,450 yuan/ton
Wuhan: 2,500 yuan/ton
Chengdu: 2,560 yuan/ton
Kunming: 2,570 yuan/ton
Shenyang: 2,650 yuan/ton
Hefei: 2,380 yuan/ton

Summary:
Rapeseed meal spot prices followed the futures market with a slight increase. However, with domestic coastal rapeseed oil mills increasing their operating rates, the supply of downstream products is expected to loosen marginally. The market is likely to see short-term volatility and adjustments.

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