# Multiple Bearish Factors Hit Soymeal Futures, Prices Break Lower

> Domestic soymeal futures broke below their previous trading range, falling to 3,148 yuan/tonne, more than 10% below mid-September highs. Spot prices in East China fell to 3,130 yuan/tonne. Pressure came from a sharp real depreciation after Brazil's election, which made Brazilian soybean FOB offers more competitive against US beans, and from expectations of Black Sea shipping recovery that eased the geopolitical premium in vegetable oils.

- Date: 2026-11-04 · published 2026-11-04T03:06:06.454Z
- Category: market · region China · magnitude medium
- Page: https://feedsoft.ai/events/78965-multiple-bearish-factors-hit-soymeal-futures-prices-break-lower
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Brazilian Real (BRL per USD)](https://feedsoft.ai/c/USDBRL.md)

## Why it matters

A weaker real makes Brazilian meal and beans cheaper for buyers, cutting US export competitiveness and pulling down global soymeal and soyoil prices. Weak hog margins and high meal inventories at crushers keep downstream buying limited, so the price outlook for feed buyers stays soft.

## Read by commodity

- SBM: bearish ▼
- SBO: bearish ▼
- SOY: bearish ▼
- USDBRL: bullish ▲

## Sources

- finance.sina.com.cn: https://finance.sina.com.cn/money/bond/2026-11-04/doc-inixprny9401835.shtml
- cnfin.com: https://www.cnfin.com/dz-lb/detail/20261104/4490698_1.html

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.