China’s soybean meal prices rise more than 6% in July

China’s soybean meal market rebounded in July 2026 after the previous decline. According to SunSirs, the average market price increased from 2,904 yuan/ton at the beginning of the month to 3,086 yuan/ton as of July 29, marking a 6.27% increase.

Despite a record global soybean production forecast of 442 mln tons for the 2026/27 season, strong supplies from Brazil continue to weigh on the Chinese market. Brazilian soybean exports in July are estimated at 13.5 mln tons, while China’s soybean imports are expected to exceed 10 mln tons.

Meanwhile, the domestic market remains well supplied. Oilseed crushers are operating at high capacity, processing 2.2–2.4 mln tons of soybeans per week. As a result, soybean meal inventories climbed rapidly, reaching 899,700 tons as of July 24.

Soybean meal demand remains stable at 1.45–1.50 mln tons per week. Feed demand from the poultry sector and seasonal growth in aquaculture continue to provide support, while weaker demand from the swine sector limits further price gains. Feed manufacturers remain cautious and are avoiding large forward purchases.

Analysts expect large soybean arrivals in August to continue putting pressure on the market. Unless physical demand improves significantly, soybean meal prices are likely to remain volatile, with the overall trend expected to turn lower. The projected price range for August is 2,700–3,000 yuan per ton.