# Soybean Meal Stocks at a 10-Year High: Why Has the Price Not Fallen Further?

> China’s soybean meal stocks reached 1.3894 million tonnes at the end of October, their highest level in nearly a decade, after three consecutive weeks of post-holiday inventory builds. The article attributes the limited price decline to import-cost support and oil mills’ reluctance to sell at a loss, despite ample soybean arrivals, stronger crushing and weak feed demand; it expects stocks to remain high through November, with clearer destocking more likely in mid-to-late December.

- Date: 2026-11-09 · published 2026-11-09T03:07:26.030Z
- Category: market · region China · magnitude medium
- Page: https://feedsoft.ai/events/88495-soybean-meal-stocks-at-a-10-year-high-why-has-the-price-not-fallen-further
- Commodities: [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

Heavy stocks and subdued livestock-feed demand weigh on Chinese soybean meal prices, while soybean import costs and oil-mill resistance to selling at a loss provide a floor. Faster destocking would reduce that pressure, but the article says the conditions for it are not yet in place.

## Read by commodity

- SBM: bearish ▼
- SOY: bearish ▼

## Sources

- chinafeedm.com: http://www.chinafeedm.com/h-nd-32764.html

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