Key Highlights

  • December soybean meal closed at US$368.70 per short ton on October 12, up 0.85%.
  • USDA put 2026/27 US soybean production at 4.56 billion bushels, up 27 million.
  • ADM's crushing operating profit rose to US$363 million from US$33 million in the second quarter.
  • Bunge raised 2026 adjusted earnings guidance to US$9.25 to US$9.75 per share.

December Soybean Meal Closes Higher at US$368.70

Soybean meal for December delivery closed at US$368.70 per short ton on Monday, October 12, 2026, up US$3.10, or 0.85%, from US$365.60 on Friday, October 9, the latest meal figure in the data. CBOT meal is quoted per short ton of 2,000 pounds, so US$368.70 equals roughly US$406 per metric tonne; some websites label the contract as a tonne, so compare only like with like. One broker's weekly commentary listed December meal resistance at 366.00, 374.00 and 380.00, with support at 345.00.

Beans and Oil Alongside Meal

Meal does not trade alone. On October 12, November soybeans closed at US$12.87 3/4 per bushel, down 4 1/4 cents, while December soybean oil rose 61 points to 68.63, and soybeans traded near US$12.85 during today's session. Meal and oil together determine what a crusher can earn from each bushel. Soybean oil is quoted in cents per pound, meal in dollars per short ton and beans in dollars per bushel, which is why simple comparisons across the three are easy to get wrong.

What USDA's October Report Changed

The October WASDE put 2026/27 US soybean production at 4.56 billion bushels, up 27 million, with yield at 53.1 bushels per acre. Ending stocks rose 5 million bushels to 315 million, exports were lifted 10 million bushels and the season-average farm price stayed at US$12.00. A pre-report survey had averaged 52.9 bushels per acre and 311 million bushels of stocks, so the report was marginally larger than expected on both measures.

Crushers: ADM and Bunge

Archer-Daniels-Midland (NYSE:ADM) and Bunge (NYSE:BG) crush soybeans into meal and oil, so meal is one of two main products. ADM reported that its crushing operating profit rose to US$363 million from US$33 million in the second quarter and lifted 2026 adjusted earnings guidance to about US$5.15 to US$5.60 per share, citing biofuel volume obligations and higher energy prices alongside meal demand.

Bunge said soybean processing and refining adjusted EBIT rose to US$445 million from US$304 million, with 11.5 million metric tonnes processed, and raised its 2026 adjusted earnings guidance to US$9.25 to US$9.75 per share. Higher meal prices are not automatically good news for crushers, since margins depend on meal and oil values relative to the cost of beans, plus hedging and timing effects.

Feed Users and Logistics

Meal is a cost for livestock businesses. Tyson Foods (NYSE:TSN) lists feed grains, including corn and soybean meal, among input risks and guides to US$1.90 billion to US$2.05 billion of chicken adjusted operating income in fiscal 2026. Inghams Group (ASX:ING) said ingredient costs weighed on FY26 profit and expects higher feed costs in FY27, while Cranswick (LSE:CWK) said lower input prices were passed on to customers. The Andersons (NASDAQ:ANDE) expects Port of Houston soybean meal export capability to be operational in the fourth quarter.

Calendar: Export Sales From October 15 and the November 10 WASDE

Historic Midwest rainfall through September delayed the harvest, and more rain from hurricane remnants was possible. Slower harvests can tighten near-term bean supply for crushers, while a rapid catch-up can add pressure. In September, exporters sold 192,000 tons of US soybeans to China for 2026/27, while tariffs kept most US cargoes out of reach. CME lists weekly export sales on Thursdays, starting October 15, and the next WASDE on November 10.

In short, stronger crush demand could support meal while larger Brazilian output could weigh, and the day-to-day price is set as much by the spread to beans and oil as by meal itself.