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# Soybean Crush

### Soybean Crush Futures

#### Normal Daily Settlement Procedure

The Soybean Crush (SOM) settlements are derived using the individual settlements from the respective Soybean (ZS), Soybean Meal (ZM), and Soybean Oil (ZL) contracts.

##### 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.