Direct answer: The board crush is the theoretical margin a processor earns by crushing soybeans into soybean meal and soybean oil, calculated from the futures prices of the three contracts.
It is not a cash crush or a guaranteed profit.
The Daily Board reports the soybean complex (beans, meal, oil) so readers can see when the crush is widening or narrowing.
How the board crush works
Soybeans (ZS) are crushed into soybean meal (ZM) and soybean oil (ZL).
The board crush approximates the margin using the front-month futures:
One bushel of soybeans yields roughly 48 pounds of meal and 11 pounds of oil (the exact yields vary slightly).
The formula takes the meal and oil values, subtracts the cost of the beans, and adjusts for the contract sizes and units.
A rising board crush means meal and/or oil are strong relative to beans; a falling crush means the opposite.
Canola has an analogous crush into canola meal and canola oil.
The Daily Board shows the soybean complex because the U.S. board crush is the most liquid reference and often influences Canadian crush margins.
Why it appears on The Daily Board
Crush margins drive how aggressively processors bid for beans (or canola).
A wide crush supports the oilseed; a narrow crush can pressure it even if other factors are supportive.
The Board prints the three legs so the relationship is visible without a separate calculation.
What the board crush is not
It is not the actual cash margin an elevator or crusher realizes.
Freight, basis, yields, and local demand still sit between the futures crush and a real bid.
It is also not a signal to buy or sell.
Frequently asked questions
What is the board crush?
The theoretical margin a processor earns by turning soybeans into meal and oil, calculated from the three futures prices.
Does canola have a board crush?
Yes.
Canola is crushed into meal and oil.
The soybean board crush is the most widely watched reference and often influences Canadian margins.
Why does The Daily Board print beans, meal, and oil separately?
So the crush relationship is visible.
A day where meal rises and oil falls (or vice versa) changes the crush even if the bean price is flat.
Is a wide board crush good for producers?
It can support the oilseed price because processors are more willing to bid.
It is not a guarantee of a higher cash bid; basis and local conditions still apply.
See also the commodity market glossary, the soybean futures guide, and the How to Read The Daily Board page.