First Research: U.S. soybean price increase drives cost upward, soybean meal shows a mild rebound

K-LinePoet · 2026-03-28T10:12:25+00:00

Today, the domestic soybean meal futures rebounded after a decline, mainly driven by overnight U.S. soybeans rising over 1.5%. The strengthening of the cost side supports the deferred-month soybean meal, but due to weakening domestic fundamentals sentiment, it is expected to mainly fluctuate and consolidate in the short term.

K-LinePoet

2026-03-28 10:12:25

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According to Shouchuang Research, today the domestic soybean meal has stabilized and is experiencing a mild rebound. Overnight, the cost side strengthened as U.S. soybeans rose by over 1.5%, driven by reports from the White House about Trump’s visit to China, which boosted late-session gains and rekindled market hopes for China to purchase some old-crop U.S. soybeans. Overnight, Brazil’s CNF basis fell by 6-8 cents per bushel, which did not offset the impact of rising U.S. soybean prices. Driven by the rebound in costs, the domestic soybean meal prices stopped falling today, with the far-month soybean meal showing a larger rebound. Overall, the cost side provides strong support for far-month soybean meal prices, but given the weakening sentiment in domestic fundamentals and the repeated Middle East themes, the short-term upside potential is limited, and the market is expected to mainly fluctuate within a range. (The above is for reference only and does not constitute investment advice.)

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