
China's soybean processing rose 29% week on week to 2 million tonnes, while soybean stocks fell 16% to 4 million tons. Chinese buyers reportedly cancelled 8-10 tonnes of Brazilian soybeans for November delivery as processing margins favored Brazil.
Meal sales in China were weak and processors expect further meal price declines.
Weak Chinese meal demand and cancelled Brazilian cargoes point to softer soybean meal prices and reduced export demand for Brazilian beans, pressuring protein feed costs.
After 384 past bearish trade events, Soybean Meal moved a median -0.2% over 5 sessions (47% higher; middle half -1.7% to +1.6%), and -0.5% over 20.
After 803 past bearish trade events, Soybeans moved a median +0.0% over 5 sessions (51% higher; middle half -1.7% to +1.7%), and +0.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.