# Soymeal Weekly Report: Real's Collapse and US Soybean Harvest Rush Push Overseas Markets Down Three Days; Domestic High Inventory and Deep Discount Weaken Spot and Futures, Signs of Stabilization Emerge

> Chinese soymeal futures and spot fell during the week of October 26 to November 1. The Brazilian real plunged about 12% in one day after Lula's re-election, and US soybean harvest reached 79%, pushing CBOT soybeans to a two-and-a-half-month low. The M2701 contract closed at 3,183 yuan/tonne, down 93 yuan on the week, and spot 43% protein averaged about 3,200 yuan/tonne.

- Date: 2026-11-04 · published 2026-11-04T07:37:40.254Z
- Category: market · region China · magnitude medium
- Page: https://feedsoft.ai/events/79417-soymeal-weekly-report-real-s-collapse-and-us-soybean-harvest-rush-push-overseas
- Commodities: [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Brazilian Real (BRL per USD)](https://feedsoft.ai/c/USDBRL.md)

## Why it matters

Currency-driven export competitiveness from Brazil and fast US harvest weigh on import costs, while China's high meal inventories keep demand soft. Prices may stabilize near current levels until year-end buying picks up.

## Read by commodity

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

## Sources

- chinafeed.com.cn: http://www.chinafeed.com.cn/siliaoyuanliao/show-121961.html

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