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Chinese soybean meal prices remained weak as inventories approached 1.4 million tonnes and loss-making livestock production kept feed mills buying mainly as needed. The report also cited a drop in CBOT soybeans to an 11-week low, pressured by crude oil's sharp decline and expectations for a record US crop; domestic soybean meal's coastal spot price fell as low as 3,060 yuan per tonne.
High meal inventories and weak feed demand weigh on soybean meal, while lower soybean and oil prices add cost pressure. These bearish forces are partly countered by processor losses and some continued export demand for US soybeans.
ncp.mysteel.comNov 6, 2026After 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.
After 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 565 past bearish macro events, Crude Oil (WTI) moved a median -1.4% over 5 sessions (41% higher; middle half -5.9% to +3.0%), and -0.5% over 20.
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.
