DTN Soybean Meal Analysis and Recommendations
04/15/2026
A new recommendation was issued on March 26, 2026. See Recommendations below.
POSITIONS
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 futures is sideways for now, but is close to being revised to higher as prices have recovered through 2026, thus back toward November highs for most active futures. Soybean crush in the U.S. in February was another record for that respective month, with cumulative crush through the 2025-26 marketing year thus far running 8.3% 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 February period up 7.7% from 2024-25, with USDA expecting total meal demand to rise 5.6% year-over-year as of the April WASDE. USDA raised their marketing year average price forecast for soybean meal by $10 per ton in the April WASDE to $310.00. Overall, soybean meal is a neutral, Type 3 market.
DAILY NOTE
May soybean meal futures rose $4.70 on Wednesday to $334.40. May meal futures posted the highest close for the contract of 2026 thus far on Wednesday, despite the second largest crush month on record reported by NOPA members for March. Despite record supplies, meal demand has been extremely strong through the 2025-26 marketing year as well. The trend in May soybean meal futures is sideways for now.
RECOMMENDATIONS*
(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.
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*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.