The Chicago Mercantile Exchange soybean meal futures have faced significant downward price pressure in recent weeks, driven by a mix of factors. After reaching multi-year highs early in 2023, prices have retreated, largely due to increased global stocks, ongoing soybean harvests in the US and South America, and rising US soybean crush and stock levels.

The December CME soybean meal futures contract continues to face some challenges, but market participants are closely monitoring both domestic and global demand trends, along with crop production updates, to assess the market’s next move and watch for any potential positive price movement.

The October monthly average for CME soybean meal was at $317.38 per short ton, down by $84.59 per ton year on year and by $8.24 per ton month on month.

Market update

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