US soybean meal prices fell about 1% in May 2026 as expanded domestic crush and competitive South American export activity eased offers. Early May USDA revisions to old-crop carry-in stocks and faster spring planting encouraged processors to ramp up crush runs, keeping crushers fully utilized through mid-month. Mississippi River barge logistics remained reliable, supporting steady export flows. Mid-month inventories and Argentine sales intensified competition, nudging FOB offers lower into late May as domestic availability outpaced demand. Demand for soybean meal across key feed sectors diverged: poultry demand softened, broiler guidance flat dampening meal uptake, while pork producers shifted to higher corn inclusion amid softer lean-hog futures, also weighing on meal uptake. Aquaculture demand from Vietnam weakened, removing a marginal outlet, and inquiries from Mexico, the Philippines and Southeast Asia cooled. Outlook for June is cautiously bearish, with ample supply and Argentine sales likely to cap U.S. offers.
