Soybean Price Today

Soybean futures trade on the CBOT under the ticker symbol ZS, with each contract representing 5,000 bushels quoted in cents per bushel. The soybean complex also includes soybean meal (ZM, quoted in dollars per short ton) and soybean oil (ZL, quoted in cents per pound). Together, these three contracts form the crush spread — one of the most closely watched relationships in agricultural commodity trading.

The crush spread represents the gross processing margin for soybean processors. It is calculated by converting the value of meal and oil produced from a bushel of soybeans and subtracting the cost of the raw beans. When crush margins are strong, processors aggressively bid for soybeans, tightening basis and supporting cash prices. When margins compress, processor demand slows and basis tends to widen. Understanding the crush spread gives producers insight into the underlying demand dynamics beyond headline futures prices.

Soybean futures trade electronically on CME Globex nearly around the clock during the week, with the day session running from 8:30 a.m. to 1:20 p.m. Central Time. Standard contract months are January (ZSF), March (ZSH), May (ZSK), July (ZSN), August (ZSQ), September (ZSU), and November (ZSX). November is the new-crop contract, corresponding to the harvest of the current marketing year.

Soybean basis — the difference between local cash price and CBOT futures — behaves differently depending on the type of buyer. Crushing plants (processors) typically offer the strongest basis in their region because they need a constant supply of raw soybeans to keep their facilities running at capacity. Country elevators, which primarily store and ship beans, tend to carry wider basis levels that reflect their own transportation and handling costs.

Seasonal basis patterns for soybeans are pronounced. Basis weakens significantly during the September through November harvest window as the massive U.S. crop (approximately 4.1 billion bushels in recent years) overwhelms local handling capacity. Through winter and spring, basis typically strengthens as on-farm and commercial storage drawdowns reduce available supplies. River basis at Gulf terminals tightens further when export demand is strong, particularly during periods of active Chinese purchasing.

For producers with on-farm storage, understanding the seasonal basis curve is essential. The difference between selling soybeans at harvest basis versus storing and selling in spring or summer can represent 20 to 40 cents per bushel of additional revenue — more than enough to justify storage costs in many situations.

The United States produces approximately 4.1 billion bushels of soybeans annually, making it the world's second-largest producer behind Brazil. Roughly half of the U.S. crop is crushed domestically for meal and oil, while the other half is exported. China dominates the global soybean import market, purchasing around 60% of all soybeans traded internationally — roughly 100 million metric tons per year. This concentration of demand in a single buyer creates significant price sensitivity to Chinese purchasing patterns and trade policy.

Domestic crush demand is supported by two growing end markets. Soybean meal is the primary protein ingredient in livestock and poultry rations, and U.S. livestock numbers directly influence meal demand. Soybean oil has seen surging demand from the renewable diesel and biodiesel industries, with federal blending mandates under the Renewable Fuel Standard and state-level low carbon fuel standards (particularly California's LCFS) creating structural demand growth for vegetable oils.

South American production is the critical global supply variable. Brazil has become the world's largest soybean exporter, with production exceeding 150 million metric tons. Brazilian harvest occurs from February through May, and the pace of their logistics — trucking soybeans from interior Mato Grosso to northern ports — has a direct impact on the competitiveness of U.S. export pricing throughout the first half of the calendar year.