Soybean Meal and Rapeseed Meal Keep Climbing

July 8, 2026, 11:45 AM

LYDD-Global

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Similarly, rapeseed meal prices track soybean meal gains with moderate increases in both futures and spot markets. Futures for RM2609 end the session 21 yuan higher, while spot prices rise by 10 yuan on average across regions such as Dongguan, Shenyang, and Tianjin. However, abundant rapeseed supply from rising imports and high crushing rates limit gains. The outlook suggests ongoing market fluctuations amid global agribusiness dynamics.

Soybean Meal Futures and Spot Prices Rise

Dalian soybean meal futures opened higher and traded sideways at elevated levels before closing up on the session. The front-month M2609 soybean meal contract opened at 2,976 yuan and settled at 2,977 yuan, posting a gain of 26 yuan.

Spot soybean meal prices moved higher as well, with the national average hitting 2,890 yuan, a rise of 25 yuan. Regional quotations stood at 2,820–2,860 yuan in Jiangsu Province and 2,880–2,900 yuan in Shandong Province, both edging up by 20 yuan.

Soybean Meal Hits Bottom and Enters an Uptrend

Spot soybean meal has already gained roughly 100 yuan since mid-June, yet the rally faces persistent headwinds, resulting in choppy price swings amid the rebound amid multiple bearish fundamentals:

Expanded soybean planting acreage globally;
El Niño weather conditions are favorable for a bumper U.S. soybean harvest;
U.S. quarterly soybean inventories surged by a notable 3.8% year-on-year.

In addition, record Brazilian soybean output continues to weigh on the market, coupled with strong production volumes out of Argentina.

The market is projected to trend upward amid volatility. On the futures front, traders will watch for a potential advance toward the 3,100–3,200 yuan range. For spot markets, market participants will monitor whether the key support level of 2,800 yuan can hold firm.

Rapeseed Meal Spot Rises Mildly Tracking Futures

On July 2, 2026, the front-month RM2609 rapeseed meal futures contract opened higher and rallied, sustaining high-range volatility to finish the day in positive territory. It opened at 2,277 yuan and closed at 2,275 yuan, up 21 yuan.

Nationwide spot rapeseed meal prices ticked up by 10 yuan on average, with regional prices listed as follows:

Dongguan: 2,330 yuan per tonne
Shenyang: 2,560 yuan per tonne
Nantong Port: 2,340 yuan per tonne
Wuhan: 2,410 yuan per tonne
Tianjin: 2,360 yuan per tonne
Kunming: 2,550 yuan per tonne
Chengdu: 2,540 yuan per tonne
Hefei: 2,320 yuan per tonne

While spot rapeseed meal edged higher tracking futures gains, the upside is capped by ample supply: imports of rapeseed have risen and crushing plants are running at elevated operating rates, boosting the available supply of rapeseed meal.

Global Soybean Crush Volume to Rise by 11.2 Million Tonnes Year-on-Year in 2025/26 Season

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