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Global Soybean Meal Market Review in the First Half of 2026

In the first half of 2026, the global soybean meal market operated under the dual pressure of increasing supply and weak demand. A bumper soybean harvest in South America and sufficient global inventories kept raw material costs under pressure, while low livestock profitability and limited consumption recovery restricted the upside potential of soybean meal prices. Meanwhile, geopolitical developments, transportation costs, and trade policy changes triggered periodic market fluctuations, with prices continuously balancing between supply pressure and cost support.

PART.01

Ample Global Soybean Supply Drives Down Soybean Meal Cost Levels

As the key raw material for soybean meal production, changes in soybean supply have become the primary factor influencing market trends. In the 2025/26 crop year, global soybean production is expected to remain strong. The bumper harvest in South America has gradually been realized, with major exporters such as Brazil and Argentina achieving smooth harvesting progress, ensuring sufficient soybean availability in the international market.

The continued loose supply situation has limited upward momentum in global soybean prices and pushed soybean meal production costs lower. Although the U.S. soybean market experienced short-term fluctuations due to weather conditions, export demand, and policy expectations, overall supply pressure continued to limit price increases.

During the first half of the year, the global soybean meal market was mainly shaped by the ongoing competition between “price pressure from increased supply” and “temporary support from costs and policy factors.”

PART.02

South American Production Growth Increases Global Soybean Meal Supply Pressure

In the first half of 2026, the South American soybean market became the key focus of global supply conditions.

Brazil’s soybean production continued to expand, with harvesting progressing smoothly and exports remaining strong. Large volumes of low-cost soybeans entered the international market, providing significant support to global oilseed supply. Meanwhile, the recovery of soybean production in Argentina further improved global supply expectations.

With South American soybeans entering the market in large quantities, global crushing plants benefited from sufficient raw material availability, increasing soybean meal production capacity.

China, as one of the world’s largest soybean meal consumers, maintained steady growth in soybean imports during the first half of the year. Domestic crushing plants generally operated at higher rates compared with the same period last year. With increased soybean arrivals and recovering crushing operations, domestic soybean meal supply gradually shifted from a temporary tight situation toward a more balanced and abundant supply environment.

However, supply expansion was not without disruptions. At certain periods, factors such as soybean arrival schedules, port inventory changes, and maintenance shutdowns at crushing plants caused temporary regional tightness in soybean meal supply, providing short-term price support.

PART.03

Geopolitical Factors Create Market Volatility, Providing Temporary Cost Support

Although global soybean supply remained sufficient, international markets did not move downward in a straight line during the first half of the year.

Geopolitical conflicts, energy price fluctuations, and changes in trade policy expectations became important variables affecting soybean meal costs.

For example, changes in the Middle East situation in March pushed crude oil prices higher, strengthening the global vegetable oil market. Rising U.S. soybean oil prices also provided support for soybean prices. Meanwhile, increased international shipping costs raised soybean import expenses, offering temporary cost support to soybean meal prices during certain periods.

However, overall, these factors mainly created short-term market fluctuations and did not change the broader trend of ample global soybean supply.

PART.04

Weak Livestock Demand Limits Soybean Meal Price Growth

From the demand perspective, global soybean meal consumption growth remained limited in the first half of 2026.

China, the world’s largest soybean meal consumer, faced pressure from weak profitability in the livestock sector. Profit margins in pig and poultry farming remained under pressure, leading feed companies to adopt more cautious purchasing strategies. As a result, soybean meal demand lacked strong growth momentum.

At the same time, existing livestock production capacity continued to provide basic demand support. Therefore, the market did not experience a significant decline in consumption, but instead showed characteristics of “mainly demand-driven purchasing with increased low-price stock replenishment.”

Feed companies and livestock producers adopted more flexible procurement strategies:

* Spot purchases: Mainly focused on meeting daily production needs;

* Forward purchases: Some companies took advantage of lower prices to lock in future costs.

Although demand lacked the strength to drive prices higher, stable feed consumption prevented soybean meal prices from experiencing a sharp decline.

PART.05

Global Soybean Meal Market Enters a Supply-Demand Rebalancing Phase

Overall, the main characteristics of the global soybean meal market in the first half of 2026 can be summarized as follows:

Supply side:

Global soybean production remained strong, raw material supply was sufficient, and soybean meal production capacity increased.

Cost side:

Soybean prices remained relatively weak, while energy prices, transportation costs, and policy factors provided temporary support.

Demand side:

Livestock profitability remained under pressure, consumption growth was limited, but rigid demand provided a price floor.

The global soybean meal market continued searching for a new balance between supply pressure and demand resilience, with prices mainly fluctuating within a consolidation range.

PART.06

Conclusion

In the first half of 2026, the global soybean meal market remained under pressure amid abundant supply conditions. The strong South American soybean harvest and increased global inventories limited sustained cost increases, while insufficient recovery in livestock demand restricted the potential for soybean meal price rebounds.

Looking ahead, the market will continue to focus on global soybean supply changes, livestock demand recovery, and international trade policy developments.

For feed companies and traders, closely monitoring supply trends, maintaining reasonable inventory levels, and adopting flexible procurement strategies will become increasingly important in managing market volatility.