Soybean Meal Oct '26 (ZMV26)

Description

Soybean meal is produced by processing soybeans to separate the oil and meal components. If the soybeans are of particularly good quality, the processor can achieve higher meal weight by including more hulls in the meal while still meeting the 48% protein minimum. Soybean meal can be further processed into soy flour and isolated soy protein, but the bulk of soybean meal is used as animal feed for poultry, hogs, and cattle. Soybean meal accounts for about two-thirds of the world's high-protein animal feed, followed by cottonseed and rapeseed meal, which together account for less than 20%. Soybean meal consumption has been moving to record highs in recent years. The soybean meal marketing year runs from October to September.

Soybean meal futures and options are traded at the CME Group. The CME soybean meal futures contract calls for the delivery of 100 tons of soybean meal produced by conditioning ground soybeans and reducing the oil content of the conditioned product with a minimum of 48.0% protein, a minimum of 0.5% fat, a maximum of 3.5% fiber, and a maximum of 12.0% moisture.

Soybean crush - The term "soybean crush" refers to both the physical processing of soybeans and to the dollar-value premium received for processing soybeans into their component products of meal and oil. The conventional model says that processing 60 pounds (one bushel) of soybeans produces 11 pounds of soybean oil, 44 pounds of 48% protein soybean meal, 3 pounds of hulls, and 1 pound of waste. The Gross Processing Margin (GPM) or crush equals (0.22 times Soybean Meal Prices in dollars per ton) + (11 times Soybean Oil prices in cents/pound) - Soybean prices in $/bushel. A higher crush value will occur when the prices of meal and oil products are strong relative to soybeans, e.g., due to supply disruptions or increased demand for the products. When the crush value is high, companies have a strong incentive to buy raw soybeans and boost product output. That supply increase should eventually bring the crush value back into line with the long-term equilibrium.

Prices - CME soybean meal futures prices (Barchart.com symbol ZM) on the nearest-futures chart in 2025 closed the year down -4.3% yr/yr at $294.50 per short ton.

Supply - World soybean meal production in 2025/26 rose by +2.2% yr/yr to a new record high of 287.714 million metric tons. The world's largest soybean meal producers in 2025/26 were China (29.7% of world production), the US (19.2%), Brazil (16.1%), and Argentina (11.1%).

US production of soybean meal in 2025/26 rose by +4.0% yr/yr to 60.225 million short tons, a new record high. US soybean meal ending stocks in 2025/26 rose by +5.6% yr/yr to 475,000 short tons.

Demand - World consumption of soybean meal in 2025/26 rose by +4.0% yr/yr to 283.930 million metric tons, a new record high. China accounted for 29.6% of that consumption, the US for 13.4%, and the European Union for 10.7%. US consumption of soybean meal in 2025/26 rose by +2.4% yr/yr to 38.125 million metric tons, a new record high.

Trade - World exports of soybean meal in 2025/26 rose by +0.2% yr/yr to a new record high at 82.769 million metric tons. Argentina accounted for 35.0% of total world exports, Brazil for 29.8%, and the US for 21.3%. World imports of soybean meal in 2025/26 rose by +1.1% yr/yr to a new record high of 79.135 million metric tons. US exports of soybean meal in 2025/26 rose by +6.1% yr/yr to 19.200 million short tons, a record high. US imports of soybean meal in 2025/26 fell by -11.2% yr/yr to 675,000 short tons.

Information on commodities is courtesy of the cmdty Yearbook, the single most comprehensive source of commodity and futures market information available. Its sources - reports from governments, private industries, and trade and industrial associations - are authoritative, and its historical scope for commodities information is second to none. The CRB Yearbook is part of the Barchart product line. Please visit us for all of your commodity data needs.