Config.
Marché
Rapport
Unité

COT CBOT Soybean Meal

Période
Échelle

As-of mardi · close vendredi · source CFTC

Long vs Short

Long et short en % d’OI (catégorie focus)

Δ 4 semaines

Variation du net vs le rapport d’il y a 4 semaines

Cette semaine

Catégorie Long Short Spreading Net Δ Long Δ Short Δ Net % OI long % OI short

Historique

Oilseeds · CBOT

What is CBOT soybean meal?

Soybean meal

Satellite of CBOT Soybeans

A long means…

Exposure to a rise in deliverable soybean meal — the protein leg of the crush, about 47.5% protein.

What is this?

Soybean meal is the protein coproduct of the crush: once the oil is extracted, what remains is the flour that goes into poultry, hog and cattle rations — the US feed-protein benchmark. Since 2019 the CBOT future delivers bulk meal at 47.5% protein (47.0% without penalty or rejection), solvent-extracted, from regular Midwest plants — not the grain, not the oil. Domestic livestock still takes most of the output; surplus from the crush expansion goes to export.

Crushers hedge the meal they sell; feed mills and livestock producers hedge the cost of protein.

Pitfalls

  • 100 short tons, not 5,000 bu.
  • 47.5% protein (not older 48% specs).
  • Not a 1:1 soybean-seed proxy.

Univers LIX

Le positionnement n’est pas le risque

Le COT décrit qui est positionné. Le LIX décrit le niveau de risque de marché — 12 indicateurs, hors COT.