CBOT Soybean Meal Closes Moderately Higher, Benchmark Contract Up by Around 0.76%

On Monday, the soybean meal futures market on the Chicago Board of Trade (CBOT) closed moderately higher, with the benchmark contract up by 0.76%, following the rising trend of neighboring soybean and soybean oil markets. The most active July contract traded between $407.50 and $416.90. The USDA reported on Monday morning that private exporters sold 225,000 metric tons of soybean meal to the Philippines for delivery in the 2022/23 marketing year. Estimated trading volume for soybean meal futures on Monday was 113,086 contracts, compared to 126,799 contracts on the previous trading day. Open interest was at 478,072 contracts, up from 477,307 contracts on the previous trading day.