# Mysteel Analysis: Soybean Meal Stocks Hit Record Highs; When Will Supply Pressure Peak?

> China's soybean meal inventories rose for three consecutive weeks to 1.389 million tonnes by October 30, up 27.4% from after the National Day holiday and the highest since August. Soybean crushing rates recovered to 60%-67%, while sluggish feed demand and cautious buying failed to absorb production; high soybean arrivals are expected to sustain heavy crushing through November. The report expects meal stocks to remain above 1.2 million tonnes through November, with a potential turn lower in the second half of December if holiday buying grows and crushers reduce operating rates.

- Date: 2026-11-06 · published 2026-11-06T07:36:18.989Z
- Category: report · region China · magnitude medium
- Page: https://feedsoft.ai/events/83605-mysteel-analysis-soybean-meal-stocks-hit-record-highs-when-will-supply-pressure
- Commodities: [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

High crush volumes and weak feed demand are building meal inventories, increasing near-term availability and capping soybean meal prices. A later demand pulse or lower crushing could ease the pressure, but the article says those triggers are not yet in place.

## Read by commodity

- SBM: bearish ▼
- SOY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBM | 2026-05-08 | [SunSirs: Analysis of Loose Soybean Meal Supply and Price Pressure in China in May](https://feedsoft.ai/events/19329-sunsirs-analysis-of-loose-soybean-meal-supply-and-price-pressure-in-china-in-may.md) | +6.9% | -0.9% |
| SBM | 2017-07-28 | [Global soybean meal production will be at record high in 2017 - 2018.](https://feedsoft.ai/events/70042-global-soybean-meal-production-will-be-at-record-high-in-2017-2018.md) | -5.0% | -7.7% |
| SBM | 2019-03-29 | [U.S. March Soybean Stocks Hit Record High, USDA Data Drops Markets](https://feedsoft.ai/events/60042-u-s-march-soybean-stocks-hit-record-high-usda-data-drops-markets.md) | +1.8% | -2.2% |
| SBM | 2026-05-19 | [SunSirs: Analysis of the Impact of the USDA Soybean Meal Supply and Demand Report](https://feedsoft.ai/events/19326-sunsirs-analysis-of-the-impact-of-the-usda-soybean-meal-supply-and-demand-report.md) | -1.1% | -11.7% |
| SBM | 2021-10-04 | [Post-report pressure on soybean, soy meal futures - McKeany-Flavell](https://feedsoft.ai/events/44616-post-report-pressure-on-soybean-soy-meal-futures-mckeany-flavell.md) | -2.4% | +1.4% |
| SOY | 2019-03-29 | [U.S. March Soybean Stocks Hit Record High, USDA Data Drops Markets](https://feedsoft.ai/events/60042-u-s-march-soybean-stocks-hit-record-high-usda-data-drops-markets.md) | +1.9% | -4.0% |
| SOY | 2022-11-09 | [USDA Projects Higher Corn and Soybean Supply](https://feedsoft.ai/events/38641-usda-projects-higher-corn-and-soybean-supply.md) | +0.9% | +1.9% |
| SOY | 2021-10-04 | [Post-report pressure on soybean, soy meal futures - McKeany-Flavell](https://feedsoft.ai/events/44616-post-report-pressure-on-soybean-soy-meal-futures-mckeany-flavell.md) | -0.3% | -0.9% |

## Sources

- news.mysteel.com: https://news.mysteel.com/a/26110612/49AF50574455A002.html

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