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Soy is traded on the CBOT (Chicago Board of Trade) in contracts for 5,000 bushels of #2 yellow soybeans. Delivery months are January, March, May, July, September, and November. Besides beans, futures on soybean meal and soybean oil are also traded. Soybean meal is traded in 100 ton contracts and quoted in dollars and cents per ton. Soybean oil is traded in 60,000 pound contracts and prices are quoted in dollars and cents per 100 pounds.
The United States is the largest producer of soybeans, accounting for approximately 60 percent of the world's supply. The price of soy is largely controlled by weather conditions in growing regions, the demand for high-protein animal field, and the availability of alternative oils. Government subsidies and trade agreements also impact the price.
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