Soybean meal stocks in China exceed 1 million tons and continue to grow

Chinese soybean processors have accumulated record stocks of meal, which, according to the SunSirs analytical system, as of August 6 exceeded the psychological level of 1 million tons for the first time in history and reached 1.07 million tons.

 

The reason for this was the active import of soybeans, the purchase of which China increased in the first 7 months of this year compared to the same period last year by 4.6% to 61.04 million tons. At the same time, in July, soybean imports grew by 18.5% to 11.67 million tons.

 

Analysts attribute the increase in imports to the effect of China's tariff policy, which stimulated supplies. Since August, soybean imports have begun to decline, but this has not yet stopped the accumulation at factories.

 

Despite record inventories, meal prices have been gradually rising following a rise in futures prices caused by uncertainty in trade between the United States and China. In the 12 days of August, the main soybean meal futures contract rose by 0.93% to 3,038 yuan/t.

 

According to OleoScope, on the Dalian exchange, the price of soybean meal as of 08/11/25 was $419.58/t, and on 08/12/25 it was already $419.59/t.

 

The domestic market for meal in China is also recovering, but continued soybean imports and increased processing plant utilization amid low demand from livestock farmers could push prices downward in the near future.

 

Record stocks of meal in China are an important indicator of the imbalance between strong imports and processing and seasonally reduced demand. Although the futures market is still supporting prices, fundamental factors (large stocks, low demand, forecasts of increased supply) may lead to a decline in prices in the near future. Therefore, soybean exporters focused on the PRC market need to closely monitor the situation.