📈 Big Surge! Soybean Meal and Rapeseed Meal Rise Together
May 29, 2026, 1:49 PM
GAPS-Global
164
Guide
Highlights at a glance
Soybean meal futures on the DCE surged to 3,038 yuan, up 59 yuan, supported by China's $17B annual U.S. farm purchase pledge. Spot prices climbed to 2,965 yuan, led by gains in Jiangsu and Shandong. However, abundant Brazilian soy supplies cap upside. Rapeseed meal also rose, with RM2609 closing at 2,373 yuan and spot prices up 20 yuan nationally. Rising import arrivals and oil mill run rates may increase meal inventories, suggesting near-term volatility despite short-term 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.
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.
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.
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:
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.
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:
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.
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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