# China, Brazil and the Soybean Crush

> CME Group analysis examines the relationship between soybean oil and meal prices, noting oil has averaged about 2.3 times the price of meal per pound over 20 years. It finds Chinese economic growth tends to lift soy oil but has a weak or negative link to soy meal.

- Date: 2019-07-01 · published 2019-07-01T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/58655-china-brazil-and-the-soybean-crush
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

The analysis suggests Chinese demand shifts affect soy oil more than meal, so meal prices may stay driven by other factors such as crush margins and South American supply.

## Read by commodity

- SBM: neutral
- SBO: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2017-05-18 | [Brazil's Scandal Hits Soybean Prices](https://feedsoft.ai/events/7584-brazil-s-scandal-hits-soybean-prices.md) | -2.8% | -4.2% |
| SOY | 2020-11-05 | [What’s fueling China’s thirst for U.S. corn and soybeans?](https://feedsoft.ai/events/50020-what-s-fueling-china-s-thirst-for-u-s-corn-and-soybeans.md) | +6.0% | +8.3% |
| SOY | 2018-05-04 | [China not purchasing soybeans from the U.S. is not new](https://feedsoft.ai/events/65060-china-not-purchasing-soybeans-from-the-u-s-is-not-new.md) | -2.9% | -2.1% |
| SOY | 2020-01-23 | [With a Big Crop Expected, Brazil's Soybean Harvest Is Slow](https://feedsoft.ai/events/54912-with-a-big-crop-expected-brazil-s-soybean-harvest-is-slow.md) | -2.3% | -2.3% |
| SOY | 2017-05-18 | [U.S. grains: Soybeans fall as Brazilian currency dives - AgCanada](https://feedsoft.ai/events/7583-u-s-grains-soybeans-fall-as-brazilian-currency-dives-agcanada.md) | -2.8% | -4.2% |
| SBM | 2026-10-27 | [First Thing Today \| Soybeans see small bounce as Brazilian real stabilizes - Pro Farmer](https://feedsoft.ai/events/436-first-thing-today-soybeans-see-small-bounce-as-brazilian-real-stabilizes-pro.md) | -2.3% | — |
| SBM | 2024-08-09 | [Brazil: Real Trouble?](https://feedsoft.ai/events/11943-brazil-real-trouble.md) | -7.2% | -3.9% |
| SBM | 2020-11-26 | [Brazilian Real is the most undervalued EM currency - IIF - Forex Crunch](https://feedsoft.ai/events/50343-brazilian-real-is-the-most-undervalued-em-currency-iif-forex-crunch.md) | -1.0% | +5.0% |

## Sources

- cmegroup.com: https://www.cmegroup.com/education/featured-reports/china-brazil-and-the-soybean-crush

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.