After reaching a peak earlier in the week, soybean meal prices in Chicago are following the downward trend of oil to drop to $327/short ton (907 kg).
The Sino-American summit from last week raised hopes of increased American exports to China for the 2026-2027 campaign. However, the market quickly became skeptical as there was no confirmation of China’s purchase of 25 million tons per campaign, leading to a drop in prices in recent days.
In the United States, operators will receive the new acreage estimate from the US Department of Agriculture (USDA) at the end of June. Expectations are for higher numbers than those in the last monthly report. The strong crushing activity expected in the US will require a comfortable American production, currently estimated at 120.7 million tons by the USDA, leaving no margin in case of a weather incident before harvest.
In Europe, soybean meals in Montoir also show a slight decline following Chicago, at 382 €/t this week. The closure of vegetable oils, related to increased incorporation policies into biofuels worldwide, faces an abundance of global supply, especially from South America. In this shared elements context, meal prices remain firm and evolve according to geopolitics, lacking news on the state of the fundamentals.
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