Soymeal futures for July delivery gained 0.6% today, driven by stronger palm oil prices indirectly supporting protein meal demand. Market participants keep an eye on Brazilian port logistics, as vessel delays could tighten supply in the short term. USDA tallied soybean export shipments at 593,956 MT (21.82 mbu) during the week ending on September 25. That was 5% above the same week last year but a drop of 13.1% from last week. Germany was the top destination of 128,961 MT, with 72,076 MT headed to Turkey, as China has yet to show up in the report. Despite that, marketing year exports for 2025/26 are now 2.246 MMT (82.53 mbu) since September 1, which is now 16.4% above the same period last year and the largest in the last 5 years. On the other hand, soymeal futures rose. This was underpinned by product spreading and helped cap soybean losses. The weaker US dollar also contributed to supporting soybean futures. The US Dollar Index as measured against a basket of reserve currencies down by 0.6% on the day. Soymeal futures maintained upward bias after positive technical signals emerged from stochastic indicators pointing to continued short-term momentum. Demand outlook for Q2 remains stable, supported by resilient feed consumption.
