Soybean Crush Futures
Normal Daily Settlement Procedure
Soybean Crush Calculation
This example shows how the Soybean Crush is calculated using the formula:
(Price of Soybean Meal ($/short ton) x .022 + Price of Soybean Oil (¢/lb) x .11) - Price of Soybeans ($/bushel)
Soybean Meal Futures ($/short ton) x .022
Soybean Oil Futures ( ¢/lb ) x .11
Soybean Futures ($/bushel)
Soybean Crush ($/bushel)
Calculating the Crush
If, for example, August Soybean Meal, Soybean Oil and Soybean futures settlements were 297.20 $/short ton, 33.40 ¢/lb, and 9.565 $/bushel, respectively, then the August Crush would be calculated as (297.20 x .022) + (33.40 x .11) – 9.565 = $.6474/bushel.
This calculation is then rounded to the nearest $.0025/bushel and displayed in eighths, the same way as Soybean futures quotes, to derive a settlement. For the example above, the settlement price of the August Soybean Crush would be 64’6 (.6474 rounded to .6475 or 64 ¾ cents).
Final Settlement Calculation for Expiring Contract
CME Group staff determines the final settlement of the expiring Soybean Crush (SOM) contract by following the regular daily calculation for the Soybean Crush.
On the day of the Soybean Crush (SOM) expiration, assuming that all three underlying contracts expire as well, the crush settlement will be based on the 12:01 PM CT final settlement price of all three contracts. If any of the underlying contracts in the crush do not expire, the normal 2:00 PM CT settlement price will be used for that respective underlying contract in the crush calculation.
The Soybean (ZS), Soybean Meal (ZM), and Soybean Oil (ZL) contracts that make up the Crush are physically delivered upon expiration. For additional details on delivery, please see the CBOT Rulebook.