The widely followed Consumer Price Index was released Friday morning, indicating the retail level inflation rate to be the fastest increase in 39 years. Bean meal up, bean oil downThe two products of the U.S. soybean crop, which is now nearly harvested, continued to diverge dramatically last week with soybean meal, up almost $17per ton, while soybean oil dropped nearly 5 cents per pound. Demand for soybean meal has remained high since it is a component of livestock feed and the need to feed our cattle hogs and poultry remains high. Bean oil, on the other hand, has dropped precipitously as our transportation fuels have declined and bean oil is added to diesel fuel to manufacture biodiesel. Soymeal for March was $3.67/ton, with March bean oil at 53.90 per pound.

Source: thestar December 12, 2021 13:01 UTC