Soybean Meal and Rapeseed Meal Keep Climbing
July 8, 2026
GAPS-Global
7291
Guide
Highlights at a glance
Soybean meal futures and spot prices rallied recently, with front-month M2609 contracts closing higher at 2,977 yuan and spot prices gaining 25 yuan on average nationally. Regional spot quotations for soybean meal in Jiangsu Province climbed to 2,820–2,860 yuan, and in Shandong Province to 2,880–2,900 yuan. While prices have risen about 100 yuan since mid-June, bearish fundamentals like expanded global soybean acreage, favorable El Niño weather for U.S. soybean crops, and high Brazilian production levels create volatility. Traders are watching for potential futures gains toward 3,100–3,200 yuan and whether the spot market can maintain key support at 2,800 yuan. Meanwhile, rapeseed meal prices trended mildly upward as front-month RM2609 futures rose to 2,275 yuan. Spot rapeseed meal prices gained 10 yuan on average, tracking futures, but ample supply from rising imports and high plant operation rates capped further increases.
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.
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