Domestic Soybean Meal Consumption – 10/16/2020

Domestic soybean meal consumption is a function of High Protein Consuming Animal Units and the price of soybean meal. The HPCAU index and meal price account for 87% of the variation in meal consumption over the period 1980 through 2020.

 In the October  WAOB report USDA forecast 2020/2021 domestic meal consumption at 38.3 million tons assuming only a fractional increase in animal units and Decatur soybean meal at $335 per ton compared to $301 last season. U.S. Domestic meal usage totaled 37.8 million tons during the October 2019/ September 2020 season. Our model forecasts a slightly more robust 38.5 million tons domestic meal usage for the 2020/2021 season.