Grains · ZM

Soybean meal price

Soybean meal currently trades at US$329.23 per bushel (≈ €280.00 · £245.38) — effectively at the 12-month high. Over the past 12 months it has gained 10.63%, with the annual range running from US$271.63 to US$335.44. 24-hour movement is minimal (±0.00%).

US$329.23 / bushel
≈ €280.00 ≈ £245.38 Unchanged 24h 90% within the 52-week range
FX Editorial Team · Data updated: · Editorially verified
Soybean meal (ZM) price today US$329.23 / bushel, ↑ +0.00% (24h)

Soybean meal chart

Interactive chart and 30-day overview

7 days
▼ −0.79%
−US$2.61
30 days
▲ +2.00%
+US$6.46
1 year
▲ +10.63%
+US$31.64
52-week range
US$271.63 90% US$335.44
Soybean meal (ZM) 30-day price chart — USD, EUR, GBP

The Soybean meal chart shows how the soybean meal price has moved over time. The interactive view lets you switch the timeframe (from 7 days up to MAX), the currency (USD / EUR / GBP) and overlay moving averages. Click any two points to measure the percentage change between those dates.

How is soybean meal priced?

Soybean meal is priced per bushel — the historical US grain measure (1 bushel ≈ 27.2 kg of wheat or soybean, ≈ 25.4 kg of corn). The bushel remains the standard on the Chicago Board of Trade (CBOT) grain futures.

At US$329.23 per bushel, one tonne is worth around US$12,083. Global grain trade increasingly references the tonne, but the bushel persists as the price-discovery unit on the CBOT — where USDA WASDE supply-and-demand reports drive most short-term moves.

What drives the price of soybean meal?

The price of soybean meal is not set as a standalone supply-and-demand product. It is a by-product of soybean-crush economics. A processor, or crusher, turns soybeans into roughly 80% soybean meal and 20% soybean oil by weight through industrial pressing and solvent extraction. The prices of the two products together determine the crusher’s margin. The "board crush" indicator is the dollar-denominated processing spread calculated from CBOT soybean (ZS), soybean meal (ZM) and soybean oil (ZL) futures. If it improves, processors such as Bunge, ADM, Cargill and Cofco crush more soybeans. Meal supply rises and downward pressure builds on meal prices. If the crush margin deteriorates, usually because meal or oil prices weaken, crush capacity utilisation falls and supply tightens.

Demand is dominated by global livestock protein demand. About 98% of soybean meal produced is used in feed, mainly as a core protein ingredient for poultry, pigs, dairy and aquaculture. The single most important factor is the Chinese pig herd. China consumes about 75 Mt of soybean meal a year, much of it in feed for a herd numbering in the hundreds of millions. Waves of African swine fever (ASF) have repeatedly reshaped Chinese demand since the major outbreak in China. Large herd losses have been followed by sharp weakness in ZM, while herd rebuilding has had a price-supportive effect of similar scale. The market therefore follows quarterly pig-herd data from China’s National Bureau of Statistics (NBS) and port soybean-import statistics closely.

International trade is dominated by Argentine and Brazilian crusher output. Argentina is the world’s largest soybean meal exporter, shipping about 32 Mt a year, or roughly 40% of global exports. Soy processing is deeply embedded in the Argentine economy, with exports moving through the Rosario port cluster on the Paraná River. Weekly output and loading data from CIARA (Cámara de la Industria Aceitera) and CEC (Centro Exportador de Cereales) are among the main reference points for the global ZM market. Periodic Argentine oilseed-processing and port strikes are a market risk for Chicago prices. Brazil, with about 42 Mt of production, and the United States, with about 50 Mt, are the other two major players. Global soybean meal production is about 260 Mt a year, most of which is absorbed by domestic use.

How to invest in soybean meal

Physical ownership of soybean meal is not practical for retail investors. The product trades in industrial volumes, mainly through B2B channels between feed mills and large crushers such as ADM, Bunge, Cargill and Cofco International. For a European retail investor, market exposure is available in three main forms: soybean meal CFDs linked to the CBOT ZM futures contract, which is less liquid than soybeans or corn; futures contracts traded directly on CBOT; and shares in soybean processors and agribusiness groups, including Archer Daniels Midland (ADM) and Bunge (BG). Cargill and Cofco International are not listed. Two regulated brokers where soybean meal CFDs and agribusiness shares may be available are:

30-day price history

Chart and daily closing prices

Soybean meal (ZM) 30-day price chart — USD, EUR, GBP

Daily close

30 trading days

Date Price (USD) Price (EUR) Price (GBP) Daily change
23 May 2026 US$329.23 €280.00 £245.38 ▲ +0.06%
22 May 2026 US$329.03 €279.83 £245.23 ▲ +0.04%
21 May 2026 US$328.89 €279.71 £245.12 ▲ +0.35%
20 May 2026 US$327.74 €278.73 £244.26 ▼ −1.10%
19 May 2026 US$331.39 €281.84 £246.98 ▼ −1.21%
18 May 2026 US$335.44 €285.28 £250.00 ▲ +1.08%
16 May 2026 US$331.84 €282.22 £247.32 ▼ −0.44%
15 May 2026 US$333.30 €283.46 £248.41 ▲ +1.01%
14 May 2026 US$329.96 €280.62 £245.92 ▼ −1.35%
13 May 2026 US$334.49 €284.47 £249.30 ▲ +2.38%
12 May 2026 US$326.72 €277.87 £243.50 ▲ +0.75%
11 May 2026 US$324.28 €275.79 £241.69 ▲ +1.66%
10 May 2026 US$318.98 €271.28 £237.74 ▲ +0.17%
6 May 2026 US$318.44 €270.82 £237.33 ▼ −0.56%
5 May 2026 US$320.22 €272.34 £238.66 ▲ +0.24%
4 May 2026 US$319.44 €271.67 £238.08 ▲ +0.17%
2 May 2026 US$318.89 €271.21 £237.67 ▲ +0.02%
1 May 2026 US$318.82 €271.15 £237.62 ▲ +0.06%
30 Apr 2026 US$318.62 €270.98 £237.47 ▼ −3.42%
29 Apr 2026 US$329.90 €280.57 £245.87 ▲ +0.38%
28 Apr 2026 US$328.65 €279.51 £244.94 ▲ +0.02%
27 Apr 2026 US$328.57 €279.44 £244.88 ▲ +2.86%
25 Apr 2026 US$319.42 €271.66 £238.06 ▼ −1.04%
22 Apr 2026 US$322.77 €274.51 £240.56 ▲ +0.25%
21 Apr 2026 US$321.96 €273.82 £239.96 ▼ −0.85%
20 Apr 2026 US$324.72 €276.16 £242.01 —

Soybean meal FAQ

Why is soybean meal quoted in short tons? +
The Chicago Board of Trade (CBOT, now part of CME Group) set the soybean meal futures contract in US customary units. The ZM quote is based on USD / short ton, where 1 short ton equals 2,000 US pounds, or 907.185 kg. That is about 9.3% less than a metric tonne. To convert the CBOT quote to a metric-tonne basis, multiply by 1.1023. The abbreviation “Bu” for bushel, sometimes seen on websites, is misleading for this product. Soybean meal is not a grain and is not measured by volume. It is measured by weight, with the short ton as the actual quotation unit.
What is the soybean crush and how does it relate to soybean meal prices? +
The crush is the industrial processing of soybeans. The beans are separated through solvent extraction and pressing into about ~80% soybean meal and ~20% soybean oil. The processing margin — the combined revenue from the two products minus the cost of buying soybeans — is the "board crush" indicator, calculated from CBOT ZS (soybeans), ZM (soybean meal) and ZL (soybean oil) futures. If the crush margin improves, processors such as Bunge, ADM, Cargill and Cofco crush more soybeans. Meal supply rises and downward pressure builds on ZM prices. The crush margin therefore regulates the market from the supply side and links soybean meal prices directly to soybeans and soybean oil.
Who is the largest soybean meal producer and consumer? +
Global soybean meal production is about 260 Mt a year. The largest producers are China (~75 Mt, almost entirely for domestic use), the United States (~50 Mt), Brazil (~42 Mt) and Argentina (~32 Mt). China leads consumption because of the feed requirements of its large pig and poultry sectors, followed by the EU, the US and Brazil. The export market has a different ranking. Argentina is the world’s largest soybean meal exporter, at about 32 Mt, or roughly 40% of global exports, followed by Brazil, the US and India. China effectively does not export. Its entire production and substantial imports are absorbed by domestic livestock protein demand.
Why does the Argentine crusher market matter for global soybean meal pricing? +
Argentina accounts for about 40% of global soybean meal exports, so Argentine crush capacity utilisation, port flows and logistics disruptions have a direct effect on Chicago prices. The centre of Argentine soy processing is the Rosario port cluster on the Paraná River, where the industry body CIARA (Cámara de la Industria Aceitera de la República Argentina) publishes weekly output and loading data. The sector is prone to periodic strikes. Shutdowns during wage talks involving the oilseed workers’ union, SOEA, and port workers are reflected as market risk on CBOT. Argentine peso devaluations and export-tax rules, known as retenciones, also influence processor behaviour.
How has African swine fever (ASF) affected the soybean meal market? +
China consumes about 75 Mt of soybean meal a year, most of it used as feed for a pig herd numbering in the hundreds of millions. The major African swine fever (ASF) outbreak in China caused the loss of 40–50% of the herd. Chinese soybean meal demand fell sharply as a result, and CBOT ZM prices reacted sensitively to market news. Herd rebuilding, as the Chinese pig cycle restarts, has the opposite effect and supports demand. The market closely follows quarterly pig-herd data from China’s National Bureau of Statistics (NBS). ASF remains a recurring risk and has also caused local outbreaks in south-east Asia and parts of Europe.
What is the corn-to-soybean-meal price ratio and why does it matter? +
Feed mills build livestock feed from two main inputs: an energy component, usually corn, and a protein component, usually soybean meal. The ratio between the prices of the two inputs, the corn/soybean meal ratio, directly affects formulation decisions. If soybean meal becomes expensive relative to corn, producers may use lower protein concentrations or add alternative protein ingredients such as rapeseed meal or sunflower meal. If corn becomes more expensive, the meal share can rise. This substitution dynamic gives soybean meal demand some short-term elasticity and helps explain why ZM and ZC, the CBOT corn contract, often move either together or in opposite directions.
Soybean meal CFD or agribusiness shares — what is the difference? +
The two exposures have different risk-return profiles. A soybean meal CFD linked to CBOT ZM tracks the Chicago futures quote directly. It is leveraged and suited to short-term speculation, but liquidity is more limited than in soybeans or corn. Spreads and financing costs can be material when CFD positions are held open. Agribusiness shares, such as Archer Daniels Midland (ADM) and Bunge (BG), provide indirect exposure. Soy processors earn money from the crush margin, so their share prices do not simply track the meal price. They reflect processing spreads and company-specific business performance. ADM and Bunge are also globally diversified, with activities in grain trading, milling, biodiesel and food ingredients, so their share-price movements are only partly explained by the soybean meal market.
How does soybean meal relate to the European feed market? +
Europe is a large net importer of soybean meal. Local soybean production covers only a fraction of the feed industry’s protein needs, so European feed mixers rely heavily on meal and beans sourced from Brazil and Argentina, as well as European and Ukrainian non-GMO soybean meal moving through Danube and Black Sea logistics routes. Pricing is typically linked to the CBOT ZM quote, plus loading premiums at ports such as Rotterdam or Constanta and inland freight costs. On a metric-tonne basis, the CBOT short-ton quote is adjusted using the 1.1023 conversion factor. Local reference prices then reflect currency, quality, GMO status, certification and logistics.

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Data sources: USDA WASDE — Oilseeds (soybean and soybean meal balance) · CME Group — CBOT Soybean Meal Futures (ZM) · USDA Foreign Agricultural Service — Oilseeds: World Markets and Trade · CIARA — Cámara de la Industria Aceitera de la República Argentina