# Soybean Meal Weekly Report | Overseas Futures Break Down, Domestic Prices Catch Up, and High Stocks Keep Basis Recovery Passive

> China’s soybean meal futures fell 3.27% over the week to 3,079 yuan per tonne, while spot prices declined less and basis strengthened passively. Domestic soybean meal inventories rose 7.26% to 1.389 million tonnes, a near-decade seasonal high, as November soybean arrivals are forecast at 8.5–9.5 million tonnes. Hog-sector losses and increased planned slaughter are weighing on feed demand, with feed mills largely maintaining short rolling inventories.

- Date: 2026-11-10 · published 2026-11-10T18:27:39.266Z
- Category: market · region China · magnitude medium
- Page: https://feedsoft.ai/events/92282-soybean-meal-weekly-report-overseas-futures-break-down-domestic-prices-catch-up
- Commodities: [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Lean Hogs](https://feedsoft.ai/c/HOGS.md)

## Why it matters

Large meal stocks and continued soybean arrivals keep near-term supply ample, while weak hog margins and lower meal inclusion constrain demand; these factors are bearish for Chinese soybean meal prices. The basis improvement reflects futures falling faster than spot, rather than stronger underlying demand.

## Read by commodity

- SBM: bearish ▼
- SOY: bearish ▼
- HOGS: bearish ▼

## Sources

- chinafeed.com.cn: http://www.chinafeed.com.cn/siliaoyuanliao/show-121967.html

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