On June 6, according to media reports, the CBOT soybean meal futures market closed up moderately, of which the benchmark period closed about 0.85% higher, because the arbitrage of buying soybean oil and selling soybean meal was unlocked.
The unlocking of the arbitrage of buying soybean oil and selling soybean meal supported soybean meal prices, traders said.
The US Department of Agriculture’s 2023 Fiscal Year Agricultural Products Trade Report recently released shows that in fiscal year 2023 (October 2022 to September 2023), the export value of US soybean meal is estimated to increase by US$100 million to US$6.3 billion, which will also increase from the previous year. 4.9%, mainly due to the sharp decline in soybean production in Argentina, the top soybean meal exporter, and the shift of global soybean meal demand to the United States and Brazil for supply.
