DTN Soybean Meal Analysis and Recommendations
09/01/2026
Latest Recommendation: The latest recommendation was made on July 14, 2026 — see Detailed Positions below
Daily Note
December soybean meal futures closed at $352.60 on Tuesday, up $7.30. After trading lower on Monday for the first time in seven sessions, meal futures launched higher again on Tuesday in what was a very bullish session across the whole soybean complex. Meal futures are quite overbought in the short term but technicals are playing a very limited role in recent price action, with soybean fundamental concerns in the drivers seat currently. The trend in meal futures is considered sideways for now but is close to being revised to higher.
Current Assessment
The trend in soybean meal futures is considered sideways for now, but is close to being revised to higher with most active futures recently surging to almost two-year highs. Prices have traded in a relatively tight range through much of 2026 — alternating between bullish waves and rallies towards the $330 to $340 mark and bearish waves which have sent prices to tests of the $300 to $310 area. Ultimately demand has been strong enough to lift prices from lows but plenty of supply has capped upside potential as well. Soybean crush in the U.S. for the 2025-26 marketing year through May is running 8.5% above the previous year, suggesting a record supply of meal available to the market. However, demand through the year has been outstanding – with meal disappearance over the October through June period up 8% from 2024-25. Overall, the soybean meal market remains a neutral, type 3 market.
Marketing Recommendations
Summary:
2025-26: Covered on soybean meal needs through September 2026. Average price for the 2025-26 marketing year is roughly $310 per ton.
Detailed Positions:
2025-26:
On July 14, 2026, purchased meal needs through the end of September 2026 with August futures near $317.00 and September futures near $314.40.
2025-26: Covered on soybean meal needs through July of 2026. Average price for 2025-26 marketing year is $308 per ton.
On May 1, 2026, purchased meal needs through the end of July with July meal futures near $320.
On March 26, 2026, purchased meal needs through the end of May with May meal futures near $319.00.
On December 23, 2025, purchased meal needs through the end of March with March meal futures near $305.00.
On November 24, 2025, purchased meal needs through the end of January with December meal futures near $314 and January meal futures near $318.
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.