For the Quarter Ending December 2025
North America
• In USA, the Soybean Meal Price Index rose by 1.3992% quarter-over-quarter, supported by export demand.
• The average Soybean Meal price for the quarter was approximately USD 362.33/MT, Chicago FOB basis.
• Soybean Meal Spot Price eased as Price Index softened amid output and South American competition.
• Soybean Meal Price Forecast indicates limited upside near-term as inventories build and export demand softens.
• Soybean Meal Production Cost Trend remains stable with moderate energy costs and favorable crush margins.
• Soybean Meal Demand Outlook is steady, supported by poultry consumption while export bookings remain variable.
• Rising port inventories and improved logistics pressured the Soybean Meal Price Index despite domestic demand.
• Crushers ran near capacity, elevating meal output and exports early quarter, tightening basis and spreads.
Why did the price of Soybean Meal change in December 2025 in North America?
• USDA raised production and stocks, increasing soybean availability and encouraging crushers to run high rates.
• Export demand softened as buyers shifted to cheaper South American supplies, reducing upward pressure locally.
• Stable logistics and energy costs provided little cost support while rising inventories pressured prices lower.
APAC
• In China, the Soybean Meal Price Index rose by 2.761% quarter-over-quarter, supported by tighter coastal supplies and firm exports.
• The average Soybean Meal price for the quarter was approximately USD 397.00/MT, reflecting moderate seasonal strength.
• Soybean Meal Spot Price strengthened at coastal ports as export demand absorbed available cargoes, tightening local availability.
• Soybean Meal Price Forecast indicates modest near-term correction then gradual strengthening as feed demand normalizes.
• Rising international soybean costs drove the Soybean Meal Production Cost Trend higher, pressuring crusher margins and pricing.
• Soybean Meal Demand Outlook improved due to hog herd recovery and stronger Southeast Asian export inquiries.
• The Soybean Meal Price Index reflected seasonal restocking, port inventory tightness, and pass-through of higher feedstock costs.
• Crushers operated near capacity in December, adjusting operating rates selectively to manage margins and protect inventory balances.
Why did the price of Soybean Meal change in December 2025 in APAC?
• Higher global soybean futures from South American drought raised crushing replacement costs, driving domestic price increases.
• Strong Southeast Asian export demand absorbed available volumes, tightening coastal supply and supporting spot price strength.
• Seasonal restocking ahead of Lunar New Year increased feed procurement while logistics and port flows influenced short-term availability.
Europe
•The European Soybean Meal Price Index showed mild volatility during Q4 2025, reflecting fluctuating import prices and changing feed demand across key livestock-producing countries.
•The Production Cost Trend remained elevated throughout the quarter, supported by firm soybean and soybean oil prices, higher freight costs, and steady crushing margins across major European processors.
•The Demand Outlook was stable to slightly positive, driven by consistent consumption from the poultry and livestock feed sectors, although demand growth was moderated by efficiency gains and feed optimization practices.
Why did the price of Soybean Meal change in December 2025 in Europe?
•The Soybean Meal Price Index increased in December 2025 due to higher import costs linked to firmer global soybean prices, weather-related supply concerns in South America, and restocking activity by feed manufacturers ahead of the year-end.
•The Price Forecast for early 2026 suggests a stable to slightly firm trend, as global soybean supply dynamics and South American crop developments continue to influence European pricing.
South America
• In Brazil, the Soybean Meal Price Index rose by 6.7% quarter-over-quarter, supported by strong export demand.
• The average Soybean Meal price for the quarter was approximately USD 354.00/MT, reflecting export driven firmness.
• Soybean Meal Spot Price firmed at nearby origins, keeping the local Price Index elevated amid tight port availability.
• Soybean Meal Price Forecast indicates modest easing after new crop arrivals, although export momentum could sustain higher offers.
• Soybean Meal Production Cost Trend supported by strong crush margins, while higher diesel costs pressure logistics and delivered costs.
• Soybean Meal Demand Outlook remains robust for Europe and Southeast Asia, underpinning export driven premiums and tight nearby availability.
• Inventory drawdowns at coastal silos compressed local offerings, pushing the Soybean Meal Price Index higher into December.
• Crushers maintained elevated run rates, and export nominations prioritized shipments, keeping FOB offers firm despite seasonal arrivals.
Why did the price of Soybean Meal change in December 2025 in South America?
• Strong export demand from EU and Southeast Asia tightened available cargoes, driving prompt premiums at Paranagua.
• High crusher run rates increased meal output, while interior trucking frictions limited port availability and deliveries.
• Favorable crush margins and biodiesel demand sustained operations, counterbalanced by competition from Argentine supply improvements.
For the Quarter Ending September 2025
North America
• In the United States, the Soybean Meal Price Index fell quarter-over-quarter in Q3 2025, due to increased supply and rising inventories.
• Downward pressure on the Soybean Meal Price Index resulted from increased supply and subdued export activity.
• Soybean feedstock costs weakened in Q3 2025, and natural gas prices eased, lowering production expenses.
• Domestic demand for soybean meal strengthened in Q3 2025, supported by robust retail sales and low unemployment.
• U.S. retail sales increased 5.42% year-over-year in September 2025, bolstering consumer demand for animal protein.
• The unemployment rate remained low at 4.3% in September 2025, supporting strong consumer purchasing power.
• U.S. soybean and soybean meal ending stocks built in Q3 2025, while exports faced increased competition.
• Rising CPI (3.0% in September 2025) and PPI (2.6% in August 2025) contributed to higher end-user input costs.
• Stronger cattle and hog prices in Q3 2025 supported feed demand, despite lower beef production.
Why did the price of Soybean Meal change in September 2025 in North America?
• Soybean feedstock costs weakened in Q3 2025, reducing production expenses.
• U.S. soybean and meal ending stocks increased in Q3 2025, contributing to ample supply.
• Domestic demand strengthened, driven by higher crush activity and robust retail sales.
Europe
• In Germany, the Soybean Meal Price Index rose in Q3 2025, driven by robust demand and elevated energy costs.
• Soybean Meal production costs increased due to elevated natural gas and wholesale electricity prices in Germany during Q3 2025.
• Demand for Soybean Meal strengthened in Q3 2025, supported by a recovering EU meat industry and upward animal protein.
• The Manufacturing Index contracted in Q3 2025, and industrial production declined 1.0% in September, signaling economic weakness.
• Retail sales rose 0.2% in September 2025, indicating stable consumer demand; unemployment remained stable at 6.3%.
• EU domestic stocks of alternative protein meals declined in Q3 2025, shifting demand towards Soybean Meal imports.
• Importers actively built up Soybean Meal supplies in Q3 2025, anticipating the EU Deforestation Regulation.
• Producer prices of industrial products were lower by 1.7% in September 2025, generally benefiting feed manufacturers.
• Rising general price levels, with CPI at 2.4% in September 2025, contributed to higher operational costs.
Why did the price of Soybean Meal change in September 2025 in Europe?
• Elevated natural gas and wholesale electricity prices in Germany increased production costs for feed manufacturers.
• Stronger EU demand for vegetable fractions and animal protein consumption significantly boosted Soybean Meal demand.
• Declining domestic stocks of alternative protein meals shifted demand towards Soybean Meal imports in Q3 2025.
APAC
• In China, the Soybean Meal Price Index fell quarter-over-quarter in Q3 2025, influenced by declining livestock demand.
• Soybean Meal demand contracted in Q3 2025 as the livestock industry faced prolonged losses, curbing feed demand.
• Production costs were pressured by extremely tight, often negative, crush margins in September 2025.
• Soybean Meal inventories in China rose by July 2025 due to record imports and tepid animal feed demand.
• China's soybean imports surged to near-record levels in Q3 2025, predominantly from South America.
• The Manufacturing Index was contracting in September 2025, signaling a slowdown in overall economic activity.
• Consumer Price Index decreased by 0.3% year-over-year in September 2025, indicating deflationary pressures.
• Retail sales grew by 3.0% year-over-year in September 2025, reflecting robust consumer spending.
• Unemployment remained at 5.2% in September 2025, contributing to weaker consumer purchasing power.
Why did the price of Soybean Meal change in September 2025 in APAC?
• Declining demand from the livestock industry, facing prolonged losses, created a domestic market surplus.
• The Producer Price Index declined 2.3% in September 2025, reducing profitability for downstream animal farming.
• High soybean imports in Q3 2025 led to increased inventories, despite tepid demand from feed producers.
