LUBBOCK, TEXAS (RFD NEWS) — Strong domestic crush demand is driving higher soybean, soybean oil, and soymeal prices, according to analysis from the American Soybean Association and economist Jacquie Holland.
USDA’s latest WASDE report shifted 35 million bushels of soybean demand from exports into domestic crush, reflecting growing use tied to biofuels and livestock feed. That change helped support prices, with USDA raising the season-average soybean price to $10.30 per bushel.
Soybean oil is leading the rally. Increased demand tied to renewable diesel policy and tighter global energy supplies pushed soybean oil prices higher, with the USDA raising its price outlook 7 percent. Strong crush margins — now at multi-year highs — are encouraging processors to expand production.
Soymeal demand is also rising, supported by increased poultry and pork production as consumers shift toward lower-cost proteins. USDA raised soymeal prices by $10 per ton, reflecting strong domestic disappearance and export demand.
Globally, soybean supplies remain ample, but rising consumption — especially tied to energy and feed — continues to support the market.
Farm-Level Takeaway: Strong crush demand is supporting soybean price strength.
Tony St. James, RFD NEWS Markets Specialist
March 15 of each year is the application deadline for the Pima Cotton Trust, and March 1 of each year is the application deadline for the Wool Trust. The law mandates trust payments by April 15. More information about these programs is available at www.fas.usda.gov/programs.
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