The US domestic protein market was quiet on Monday August 12, with no price changes reported.
The Chicago Board of Trade (CBOT) September soybean meal price closed at $306 per short ton on Monday, down by 1.80% or $5.70 per ton, from $311.70 per ton at Friday’s close, due to Monday’s release of the USDA’s World Agricultural Supply and Demand Estimate (WASDE) report.
Pressure was noted on soybean products due to a projected rise of 12.48 million tonnes of global production in August from the year prior, and a projected growth of 1.76 million tonnes in ending stocks for the same period.
In the US alone, production is projected to grow by 3.07 million tonnes to 57.08 million tonnes for 2024/25, and stocks are expected to rise 50,000 tonnes in 2024/25 from 2023/24.
This leads to the average projected price of soybean meal at $320 per short ton for 2024/25, a drop of $70 per ton from 2023/24 at $390 per ton.
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