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A November 4 market report linked weaker U.S. soybean prices to falling energy prices, which reduced soybean oil’s biodiesel economics and lowered crush demand. In China, soybean meal inventories had risen to 1.389 million tonnes amid weak livestock profitability, large feed-sector stocks, delayed customs clearance for imported beans, and government soybean auctions; Canadian canola supplies were also expected to increase.
Lower energy prices weaken biodiesel-related demand for soybean oil and can reduce soybean crushing support, while rising Chinese meal stocks and sluggish feed demand pressure soybean meal. Ample Canadian canola supply and softer seasonal aquaculture demand also weigh on rapeseed meal, though low inventories may limit its downside.
quheqihuo.comNov 4, 2026After 273 past bearish macro events, Soybeans moved a median -0.4% over 5 sessions (44% higher; middle half -2.4% to +1.4%), and -0.5% over 20.
After 40 past bearish macro events, Soybean Oil moved a median -0.8% over 5 sessions (45% higher; middle half -4.5% to +1.7%), and -1.5% over 20.
After 117 past bearish macro events, Soybean Meal moved a median -0.6% over 5 sessions (41% higher; middle half -2.5% to +1.7%), and +0.5% over 20.
Not enough comparable past events yet for a historical read.
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.
