China's Feed Market Stabilizes as Soybean Meal Prices Show Resilience Amid Post-Holiday Recovery

February 27, 2026

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Guide

Highlights at a glance

Following the 2026 Lunar New Year, China's feed market shows stabilized yet nuanced fluctuations. Soybean meal prices demonstrate resilience, with the main Dalian futures contract (M2609) closing at 2,936 RMB/ton on February 25, reflecting a 1.14% increase. This rebound is driven by post-holiday restocking demand, recovering crushing plant operations (now at ~15.46%), and short-covering activity. Spot prices in coastal regions range between 3,020-3,180 RMB/ton. Meanwhile, the corn market mirrors this trend with slight gains, supported by steady purchasing in production areas and improved post-holiday logistics. The feed industry faces balancing act between recovering livestock demand and raw material costs, with experts emphasizing supply-demand rhythm over volume in H1 2026. Key variables include imported soybean arrivals and breeding sector recovery speed. While global supplies remain ample, localized tightness in China may support near-term feed costs, urging flexible procurement strategies.

February 27, 2026 — As China’s agricultural sector ramps up operations following the Lunar New Year holiday, the domestic feed market is displaying a trend of stability with nuanced fluctuations. Central to this dynamic are corn and soybean meal, the two primary ingredients in animal feed, whose pricing trajectories are closely watched by养殖户 (breeders) and feed manufacturers alike.

Soybean Meal: A Picture of Cautious Optimism

As of late February 2026, soybean meal prices have demonstrated resilience, trading within a predicted range of 2,700 to 3,200 RMB per ton. On February 25, the main futures contract for soybean meal (M2609) on the Dalian Commodity Exchange closed at 2,936 RMB/ton, marking a 1.14% increase from the previous session. This upward momentum reflects a combination of factors:

Post-Holiday Restocking: With factories and farms resuming full operations, there has been a noticeable uptick in demand for immediate inventory replenishment.
Supply Chain Adjustments: Although global soybean supplies remain ample, the pace of arrivals from South America has been a key variable. Domestic oilseed crushing plants have seen their operating rates recover slightly, reaching approximately 15.46% by February 24, up significantly from the holiday lows, yet still below peak seasonal levels.
Market Sentiment: Traders note that short-covering by bearish positions ahead of the holidays contributed to the recent price rebound. The market is currently balancing between ample global supply expectations and tight domestic availability in the short term.

Spot prices in coastal regions have hovered between 3,020 and 3,180 RMB/ton. Industry analysts suggest that while the overall trend for 2026 may be characterized by oscillation rather than a single-direction surge, the current "tight balance" in the domestic market provides a floor for prices.

Corn Market Follows Suit

Parallel to the protein meal sector, the corn market has also seen slight gains. National average prices are trending upward, supported by steady purchasing activity in major production areas. Futures contracts for corn recently traded around 2,345 RMB/ton, reflecting a modest 0.13% daily increase. The gradual return of logistics and trade flows post-holiday has facilitated this stabilization.

Outlook for the Feed Industry

The interplay between these raw material costs and the recovering demand from the livestock sector defines the current landscape. With pig and poultry farming industries gradually restoring herd sizes and feed consumption rates post-festival, the pressure on feed mills to secure raw materials is increasing.

Experts predict that the rhythm of supply and demand will be more critical than the total volume in driving prices through the first half of 2026. Key watchpoints include the arrival schedule of imported soybeans and the speed of demand recovery in the breeding sector. While the global supply outlook remains loose, localized tightness in China suggests that feed costs may remain supported in the near term, urging enterprises to adopt flexible procurement strategies to navigate the oscillating market.

As the industry moves forward, the focus remains on sustainable development and cost efficiency, ensuring that the agricultural supply chain can withstand global volatility while meeting domestic food security goals.

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China's Feed Market Stabilizes as Soybean Meal Prices Show Resilience Amid Post-Holiday Recovery