# Mysteel Update: Cost Collapse and Rising Inventories Keep Soybean Meal Under Pressure

> 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.

- Date: 2026-11-06 · published 2026-11-06T06:15:46.896Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/83463-mysteel-update-cost-collapse-and-rising-inventories-keep-soybean-meal-under
- 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 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.

## Read by commodity

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

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBM | 2026-10-29 | [The sharp fall in the real exchange rate has caused soybean meal prices to collapse in Brazil and China, which is increasing pressure on prices in Ukraine.](https://feedsoft.ai/events/1392-the-sharp-fall-in-the-real-exchange-rate-has-caused-soybean-meal-prices-to.md) | -3.3% | — |
| SBM | 2023-08-21 | [Soybean meal in Russia has risen in price against the background of the weakening of the ruble](https://feedsoft.ai/events/34669-soybean-meal-in-russia-has-risen-in-price-against-the-background-of-the.md) | +2.6% | -3.1% |
| SBM | 2017-06-26 | [Slumping Commodity Prices Pressure the Brazilian Real in 2Q17](https://feedsoft.ai/events/70712-slumping-commodity-prices-pressure-the-brazilian-real-in-2q17.md) | +3.7% | +11.0% |
| SBM | 2018-01-25 | [BCRA shift puts Argentine peso under pressure \| Capital Economics](https://feedsoft.ai/events/67268-bcra-shift-puts-argentine-peso-under-pressure-capital-economics.md) | -1.2% | +10.2% |
| SBM | 2026-10-28 | [Sharp decline in Brazilian real boosts competitiveness of soybean meal exports](https://feedsoft.ai/events/131-sharp-decline-in-brazilian-real-boosts-competitiveness-of-soybean-meal-exports.md) | -3.8% | — |
| SOY | 2026-03-01 | [Why Corn and Soybean Prices May Not Rebound Until 2027](https://feedsoft.ai/events/20625-why-corn-and-soybean-prices-may-not-rebound-until-2027.md) | +2.4% | +0.2% |
| SOY | 2020-03-10 | [Corn, soybean prices fall, equity markets collapse \| TSLN.com](https://feedsoft.ai/events/11275-corn-soybean-prices-fall-equity-markets-collapse-tsln-com.md) | -4.8% | -0.9% |
| SOY | 2021-05-19 | [US MIDDAY: Soyabean, wheat and corn plunge - Markets - Business Recorder](https://feedsoft.ai/events/12365-us-midday-soyabean-wheat-and-corn-plunge-markets-business-recorder.md) | -4.0% | -8.0% |

## Sources

- ncp.mysteel.com: https://ncp.mysteel.com/a/26110609/415CECF8914A5EE9.html

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