Global soybean meal prices demonstrated substantial appreciation from 2005 to 2026, rising from 236.8 $/mt to 407.3 $/mt for a total increase of 170.5 $/mt over 21 years. This represents a cumulative gain of 72.0%, translating to a compound annual growth rate of 2.6%. The market experienced notable volatility, with prices ranging from a low of 227.4 $/mt in 2006 to a peak of 547.8 $/mt in 2022. The most significant movement occurred between 2006 and 2007, when prices surged 41.6% from 227.4 $/mt to 321.9 $/mt. Despite this peak volatility, the overall trajectory reflects sustained growth in soybean meal valuations across the analyzed period.
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Connect to an analyst →Price outlook to 2030
World Bank forecast OFFICIAL
The World Bank projects soybean meal at 359.0 $/mt in 2026 and 363.0 in 2027.
Claight forecast CLAIGHT VIEW
We forecast soybean meal prices below consensus for 2027-2030, diverging from the modest upward trend projected by the World Bank and other institutions. Our view is anchored in the near-term reality of record-high South American production and massive global inventories that are currently suppressing prices. Unlike consensus, which assumes biofuel demand will drive prices higher by 2030, we believe expanding global crushing capacity will create structural oversupply. The energy transition is boosting soy demand for renewable diesel feedstock, but this is being more than offset by increased production efficiency, substitution in animal feed, and new crushing capacity coming online in key growing regions. The 2026 forecast anchors within 10% of both current spot prices and the World Bank figure, but we project continued softening through 2028 before stabilizing at lower-than-consensus levels as these supply-side factors play out.
Data table
| Year | $/mt |
|---|---|
| 2005 | 236.8 |
| 2006 | 227.4 |
| 2007 | 321.9 |
| 2008 | 442.2 |
| 2009 | 423.7 |
| 2010 | 398.3 |
| 2011 | 408.6 |
| 2012 | 531.7 |
| 2013 | 543.4 |
| 2014 | 522.6 |
| 2015 | 389.4 |
| 2016 | 374.7 |
| 2017 | 350.3 |
| 2018 | 405.2 |
| 2019 | 347.1 |
| 2020 | 394.2 |
| 2021 | 480.9 |
| 2022 | 547.8 |
| 2023 | 541.5 |
| 2024 | 442.3 |
| 2025 | 365.7 |
Source: World Bank Commodity Markets Outlook (Pink Sheet), accessed 2026-07-04. Licence: CC BY 4.0. Claight analysis based on this data.