The recent strength in U.S. soyoil and soymeal prices has helped push “board” crush margin (i.e., the margin implied or calculated by CBOT futures contracts) to new highs with the VVX margin hitting $1.62/bushel and the HHH margins topping the $1.45 mark for the first time in over a year. The recent surge follows historically strong margins that have persisted for most of MY 2023/24. The profitability offered by the crush margin has been one major factor driving the record-high soybean crush program this year. 

The U.S. soybean crush now accounts for about 54 percent of the total annual use, making examination of processing margins and how they will drive the crush sector’s demand germane for soybean demand and pri...

TAGS – Soy & Oilseeds, North America, South America