# Mysteel weekly: crude oil decline drags US soybeans lower; domestic soymeal follows futures down, cost provides floor (10.30-11.05)

> China's domestic soymeal futures (M01 contract) broke lower, with coastal spot prices falling to as low as 3,060 yuan per tonne. Soymeal inventories are near 1.4 million tonnes, while livestock farms are deeply loss-making and feed mills are buying only as needed, keeping soymeal inclusion rates low. Crude oil weakness also pulled US soybeans lower over the week.

- Date: 2026-11-05 · published 2026-11-05T15:14:03.652Z
- Category: market · region China · magnitude low
- Page: https://feedsoft.ai/events/82019-mysteel-weekly-crude-oil-decline-drags-us-soybeans-lower-domestic-soymeal
- Commodities: [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

High soymeal stocks and weak feed demand keep downside pressure on Chinese meal prices, while crush margins below cost discourage aggressive offers from mills. Lower US soybean prices tied to crude weakness reinforce the bearish tone for oilseed meal import values.

## Read by commodity

- SBM: bearish ▼
- SOY: bearish ▼
- WTI: bearish ▼

## Sources

- ncp.mysteel.com: https://ncp.mysteel.com/a/26110518/E47FFD8EDA56BE43.html

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