# Soybean Meal Supply-Demand Tug-of-War Keeps Prices Rangebound; Hog Futures Lack Upside Drivers

> Chinese soybean meal spot prices edged lower or held steady on November 5, with inventories near 1.4 million tonnes and feed demand weak as livestock producers remained deeply unprofitable. The report also said sow inventories fell in October, while near-term hog market sentiment remained subdued; it separately noted higher egg prices and a Thai sugar-cane crop estimate of 97 million tonnes.

- Date: 2026-11-06 · published 2026-11-06T01:36:55.083Z
- Category: market · region China · magnitude low
- Page: https://feedsoft.ai/events/83093-soybean-meal-supply-demand-tug-of-war-keeps-prices-rangebound-hog-futures-lack
- Commodities: [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Lean Hogs](https://feedsoft.ai/c/HOGS.md)

## Why it matters

High soybean meal stocks and weak feed demand are bearish, while poor crush margins and some mills’ reluctance to sell limit downside. The report describes soybean meal as pressured but with limited scope for a sharp fall in the near term.

## Read by commodity

- SBM: bearish ▼
- HOGS: bearish ▼

## Sources

- finance.sina.com.cn: https://finance.sina.com.cn/money/future/fmnews/2026-11-06/doc-inixucte8889892.shtml

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