
An analysis from Agronews and BCR says Chicago soybean meal prices, adjusted for US inflation, are at about the same level as 26 years ago. Global soybean meal output has grown to a projected 300 million tonnes in 2026/27, driven by rising livestock demand for meal per unit of protein.
Biofuel-driven crushing in the US and Brazil is adding meal supply indirectly.
Strong crush for biofuels keeps meal supply heavy, which caps meal prices even as feed demand grows. Feed buyers may find meal cheap in real terms, but the outlook is for ample supply rather than a near-term spike.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.