06/12/2026

A new recommendation was issued on May 1, 2026. See Recommendations below.

POSITIONS

2025-26: On May 1, 2026, purchased meal needs through the end of July with July meal futures near $320.

2025-26: On March 26, 2026, purchased meal needs through the end of May with May meal futures near $319.00.

2025-26: On December 23, 2025, purchased meal needs through the end of March with March meal futures near $305.00.

2025-26: On November 24, 2025, purchased meal needs through the end of January with December meal futures near $314 and January meal futures near $318.

2025-26: On September 4, 2025, purchased meal needs through the end of November with October meal futures near $280.00 and December meal futures near $283.30.

CURRENT ASSESSMENT

The trend in soybean meal is downgraded to sideways for now as prices have turned sharply lower through early June given comfortable meal supplies on the world stage and a friendly start to the U.S. soybean growing season. Soybean crush in the U.S. for the 2025-26 marketing year through April is running over 8.7% above the previous year, suggesting a record supply of meal available to the market. However, the demand picture remains outstanding, with meal disappearance over the October through April period up 8.4% from 2024-25, with USDA expecting total meal demand to rise 7.6% year over year as of the June WASDE. Overall, soybean meal is a neutral, type 3 market.

DAILY NOTE

July soybean meal futures fell $0.40 on Friday to $301.30. The meal market traded lower for the tenth time in the past eleven sessions, with July futures falling from early highs for four straight sessions this week. Good growing season weather in the U.S. and large world supplies for soybeans has pressured meal futures along with soybean futures. The trend in meal futures is downgraded to sideways this week.

RECOMMENDATIONS*

(5/1/2026)

With July meal futures down in the prior three sessions, but appearing poised to hold chart support at the 50-day moving average. I recommend taking advantage of a front-month meal price, which remains in the lower 25% of the past five-year range and booking meal needs for June and July of 2026. July meal futures were trading near $320 at the time of this recommendation.

(3/26/2026)

With May soybean meal futures lower for a fifth straight session, but holding chart support, take advantage of the fall from calendar year highs to purchase meal needs through May with May soybean meal futures near $319 per ton. Demand for U.S. meal has been very strong recently with the May to July spread inverting and positive basis levels observed in Illinois as well. However, there also remains a high incentive for processors to keep crush pace at record levels. We will continue to monitor the situation through the spring for the next buying opportunity for summer meal needs.

(12/23/2025)

With March soymeal futures falling roughly $30 per ton from November highs, consider purchasing meal needs through March with futures near $305.00 at the time of this recommendation.

(11/24/2025)

With soymeal futures falling over $15 per ton from the calendar year highs set following the drastic rally in late October, I recommend purchasing meal needs for December and January. Due to the volatile nature of the rally, further corrections lower may be possible, which we will monitor for further buying opportunities for the early spring window of 2026. December meal futures were near $314 at the time of this recommendation, January meal futures were near $318. 

(9/4/2025)

2025-26: December soymeal futures have dropped roughly $14 per ton from their late-August high, with prices approaching chart support near $280 and seasonal indices suggesting a typical low in August or September, I recommend taking advantage of the recent price drop and purchasing meal needs for October and November of 2025. Keeping in mind that the overall trend for meal futures remains lower, we will continue to recommend purchases only one or two months in advance until this trend shifts.

**

*DTN recommendations are general in nature and are not intended to be specific for any particular person or farming business. The buying and selling of futures or options involves substantial risk and is not suitable for everyone. DTN accepts no responsibility for actual trades made.  

TREND: The trend in July soybean meal futures is revised to sideways for now.

NONCOMMERCIAL OUTLOOK: Noncommercial soybean meal traders held a net-long futures position of 85,604 contracts as of June 9, and were net-sellers of 70,583 contracts through the CFTC reporting period.

COMMERCIAL OUTLOOK: Commercial traders held a net-short position in soymeal futures of 109,770 contracts for the week ending June 9, buying back 65,873 contracts through the CFTC reporting period. July meal is priced $0.90 below the August contract, a spread which weakened again this week while flipping to a carry structure. A sign of covered demand through mid-summer and/or comfortable supplies. Meanwhile, cash meal prices in Illinois are trading well above the nearby futures board, still a strong sign of domestic demand for U.S. meal.

SEASONAL INDEX: Soybean meal prices tend to peak in early July and bottom in early October.

PRICE PROBABILITY: In the most recent week, most active (July) soybean meal futures fell to the 15th percentile, a very inexpensive price location for buyers within the five-year range.

VOLATILITY: Three-month price volatility in most active (July) meal futures rose this week to 6%, with prices trading lower on the week and closing below the lower bound of the implied volatility range ($302.50).