Soybean Meal
The high protein animal feed left after crushing soybeans, traded as CBOT futures.
Overview
Crushing soybeans yields roughly three quarters meal and about a fifth oil by weight, and meal is the main protein source for poultry, pigs, dairy cattle and farmed fish worldwide. CBOT soybean meal futures are priced in dollars per short ton, and the board crush spread, the value of meal and oil minus the cost of beans, tracks processor margins. Argentina is the largest exporter of meal, with Brazil and the United States close behind, so Argentine crush strikes, taxes and drought move the world price. The boom in US renewable diesel lifted demand for soybean oil and spurred new crush plants, flooding the market with meal and weighing on its price relative to oil.
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