Soybean meal is also called soybean powder. CBOT soybean meal is one of the main agricultural futures of CBOT exchange in the United States.

Soybean meal is a by-product of extracting soybean oil. According to the different extraction methods, it can be divided into two kinds: one-soaking soybean meal and two-soaking soybean meal. Among them, the by-product after extracting soybean oil by extraction method is one-dip soybean meal, and the by-product after extracting oil by pressing is called two-dip soybean meal.

Temperature control is very important in the whole processing process. Excessive temperature will affect the content of protein, and directly affect the quality and use of soybean meal. Low temperature will increase the moisture content of soybean meal, while high moisture content will affect the quality of soybean meal during storage. One-dip soybean meal has advanced production technology and high protein content, which is the main variety circulating in the spot market in China. With China's increasing dependence on American soybeans, CBOT soybean meal will affect the price of soybean meal in China and the trend of soybean meal futures.