After reaching a high at the start of the week, soybean meal prices in Chicago followed the downward trend in oil to fall to $327/short ton (907 kg).
Last week’s Sino-American summit raised hopes of increased prospects for American exports to China for the 2026-2027 campaign. But the market quickly became skeptical about the non-confirmation of purchases of 25 million tonnes per season from China, leading to a fall in prices in recent days.
In the United States, operators will learn at the end of June the new area estimate from the American Department of Agriculture (USDA), while the market expects higher figures than those displayed in the last monthly report. The very good crushing dynamic expected in the United States will require comfortable American production, currently estimated at 120.7 million tonnes by the USDA, leaving no margin in the event of a climatic incident between now and the harvest.
In Europe, soybean meals at Montoir also showed a slight drop in the wake of Chicago, at 382 €/t this week. The firmness of vegetable oils, linked to increased incorporation policies in biofuels throughout the world, comes up against the abundance of global supply, particularly from South America. In this context with shared elements, oilcake prices remain firm and evolve according to geopolitics, due to lack of news on the fundamental side.
Argus Média (1)
(1) Company specializing in monitoring raw materials markets, which provides us with its weekly agricultural analysis.
