Midwest Soybean Processors Margins Still Favorable
Cash soybean processing margins remain wider than most years prior to 2023. Cheap soybeans account for Midwest soybean processor favorable returns as meal is trading well below the two previous years and oil is little more than half the value brought in early August if the years 2021 through 2023.
| Margin | Meal | Oil | Soybeans | |
| 8/4/2018 | $2.46 | $343 | $26.99 | $8.67 |
| 8/4/2019 | $1.67 | $298 | $27.43 | $8.42 |
| 8/3/2020 | $1.34 | $292 | $29.87 | $8.90 |
| 8/3/2021 | $2.01 | $365 | $72.91 | $14.77 |
| 8/3/2022 | $3.39 | $502 | $71.93 | $16.52 |
| 8/3/2023 | $4.80 | $460 | $71.85 | $14.98 |
| 8/2/2024 | $3.38 | $388 | $42.21 | $10.86 |
USDA has built in a hefty increase in the US soybean crush for the 2024/2025 crop year. Values for soybean meal and oil can be expected to to be supported into harvest compared to soybeans to stimulate the size of the 2024/25 US soybean crush.