Soybeans are the second grain on The Daily Board, and they come as a set: the bean, the meal and the oil. Each trades on its own, and each gets its own section in every edition. This guide explains how the soy complex is quoted, what moves it and why it matters to Prairie readers. Terms like crush and basis are explained in the commodity market glossary.
How the soy complex is quoted
Soybeans (ZS): CBOT futures in US cents per bushel. One contract covers 5,000 bushels.
Soybean meal (ZM): CBOT futures in US dollars per short ton.
Soybean oil (ZL): CBOT futures in US cents per pound.
Contract months for beans: January, March, May, July, August, September and November. The Board labels the month it quotes, because the front month rolls forward as contracts expire.
What moves soybean prices
China: the world's largest importer. Purchase pace, trade policy and tariff news can move beans on their own.
U.S. weather and crop size: July and August weather during pod setting matters most, and the harvest result sets the supply side.
South American crops: Brazil and Argentina harvest in the first half of the year and compete with the U.S. for export business.
Crush margins: processors turn beans into meal and oil. Strong margins support demand for beans.
Biofuel policy: demand for soybean oil as a feedstock for renewable diesel ties oil, and so beans, to energy markets and policy decisions.
The corn-bean balance: the two crops compete for the same acres, so the price relationship between them shapes planting decisions.
Outside markets: the U.S. dollar, crude oil and fund positioning.
The crush, explained
A bushel of soybeans yields about 44 pounds of meal and 11 pounds of oil. The board crush works out a processor's margin from futures: meal price per short ton times 0.022, plus oil price in cents per pound times 0.11, minus the bean price in dollars per bushel. When meal and oil are strong compared with beans, the margin widens. The product split describes how much of that value comes from meal and how much from oil, and it can shift sharply when one rallies and the other falls.
Reports to watch
WASDE: USDA's monthly supply and demand estimates.
Crop Progress: weekly, usually on Mondays during the growing season.
Export Sales: weekly, on Thursdays, with China purchases the key line.
NOPA crush report: monthly, showing how many bushels U.S. processors crushed.
Acreage and Grain Stocks: USDA's planting update in June and its quarterly stocks reports.
Why soybeans matter on the Prairies
Soybean oil and canola oil compete as vegetable oils, and both respond to biofuel demand, so soybean oil prices often influence canola. China also buys both crops, so trade news that moves beans can spill into canola. More Prairie acres are going into soybeans as well, which makes the market relevant on farm as well as at the elevator. For how canola is quoted and how it differs from a cash bid, see ICE Canola Close and the Prairie Cash Bid, and for the companion grain, the corn futures guide.
See it in practice
Read how beans traded on strong Chinese demand in Soybeans Hit 2.5-Year High as Crude Spikes 5% on Hormuz, or browse every soybean edition. For how each edition is built and where the prices come from, see How to Read The Daily Board and the About page.
This guide explains how the market works. It is not investment advice or a recommendation to buy or sell.