Summary
Large arrivals of soybeans in April, May, and June will continue to pressure soybean meal. Headwinds for meal demand remain due to large losses in the hog sector and the government’s efforts to downsize.
Futures
No.1 domestic soybeans have seen strong performance, up 15.2% since the start of the year and up 5.8% in April.
No.2 imported soybeans are up 4.4% since the start of the year, but down 2.9% in April.
Soybean meal shows a similar pattern, up 4.2% in 2026, but down 1.3% in April. S...