According to the Commodity Analysis System of SunSirs, since April, due to the impact of tariff policies, the soybean meal market has continued to rise and prices have repeatedly hit new highs. On April 1st, the average market price of soybean meal was 3,170 RMB/ton, and on April 15th, the average market price of soybean meal was 3,536 RMB/ton, with a price increase of 11.55%.

Supply side: Customs data shows that China imported 3.503 million tons of soybeans in March; From January to March, China imported a total of 17.109 million tons of soybeans, a year-on-year decrease of 7.9%. Affected by the US tariff policy, the import quantity of raw soybeans has decreased since April, the operating rate of soybean oil plants has decreased, supply has become tight, and the soybean meal market has risen.

Inventory: Since January 2025, soybean meal inventory has continued to decline, with approximately 550,000 tons of soybean meal inventory at the end of January. During the Spring Festival, soybean oil plants were mostly shut down for maintenance, and inventory was at a low level. In early March, the import of soybeans to ports gradually increased, and soybean meal inventory gradually rebounded, reaching a level of 600,000 tons. Since April, due to the impact of tariff policies, the quantity of imported soybeans arriving at ports has declined, and soybean meal inventories have hit a new low, falling to around 300,000 tons. Due to the continuous decline in inventory, the domestic soybean meal market continues to rise.

Futures: Starting from April, although the global soybean supply has been loose, the performance of soybean futures has been average. Due to the impact of US tariff policies, the domestic soybean meal futures market has been supported and prices have continued to rise. Supported by the futures market, the spot market for soybean meal continues to rise.

Demand: After the Qingming Festival, the domestic soybean meal market has rebounded, and the market has a high expectation of bullish soybean meal prices. The purchasing enthusiasm of terminal feed factories has increased. The soybean meal market has seen an improvement in transactions and an increase in sales. Supported by rigid demand, the soybean meal market continues to rise.

The soybean meal analyst from SunSirs believes that in late April, the amount of imported soybeans will be relatively low, and soybean oil factories will mostly shut down. With the support of terminal demand, the soybean meal market will remain high.

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