Chicago soybean meal prices rise to highest level in more than two years
Soybean meal futures in Chicago rose to their highest level in more than two years as weaker-than-expected US soybean crushing raised concerns over meal supply. The most actively traded CBOT contract reached its highest intraday level since June 2024.
According to the National Oilseed Processors Association (NOPA), US processors crushed 205.5 mln bushels of soybeans in August. The figure came in below analysts’ expectations, increasing concerns about soybean meal availability.
Higher meal prices also supported soybeans, with soybean futures rising for a third consecutive session.
The soybean complex received additional support from expectations of stronger Chinese demand for US agricultural products. Rising US soybean prices also increased expectations of higher import costs for Chinese buyers.
Soybean meal prices also rallied in China, with futures on the Dalian Commodity Exchange gaining as much as 3.1%, the biggest daily increase in around five months.
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