Bushel means bushel,

Bushel is a unit of measurement (English BUSHEL, abbreviated BU). It is a quantitative container, just like the old measuring containers such as buckets and liters in my country. One bushel in the UK is equal to eight gallons, equivalent to 36.268 liters (metric). In the United States, one bushel is equivalent to 35.238 liters (metric). The weight of 1BU of oil or grain varies. Even for the same oil or grain, the actual conversion may be somewhat different due to different varieties or origins. According to the American Soybean Association's statistical unit conversion table, the weight of 1BU soybeans is 60lb (pounds) or 27.2154 kilograms. The same volume of cottonseed is 32lb; corn is 70lb; peanut kernels (produced in Virginia) are 17lb; peanut kernels (produced in Spain) are 25lb; and sunflowers are 28lb. This is just a customary measurement concept in industry statistics. However, in trade settlement, the actual weight shall prevail.

The soybean and soybean meal quotations on the Chicago Mercantile Exchange CBOT are quotations of global significance, and their price changes reflect the supply and demand conditions of the world's soybean and soybean meal markets. The quotation unit of soybeans is cents/bushel, and bushel is a unit of capacity, 1 US bushel = 35.24 liters, and the standard weight of 1 bushel of soybeans is 27.215 kilograms; the quotation unit of soybean meal is US dollars/short ton, 1 short ton = 2000 Pounds, and 1 pound = 0.4536 kilograms. Calculated in turn, 1 short ton = 907.2 kilograms = 0.9072 tons. CBOT's soybean quotations often have mantissas after the decimal point, such as 510.6 and 476.2. However, this mantissa cannot be understood in the decimal system. 510.6 is not 510.6 cents. Because the minimum tick per bushel is 0.25 cents, and 4 ticks are 1 cent, it is not difficult to understand that in the decimal system, it is impossible to have mantissas like 2, 4, and 6 after the decimal point. In fact, the mantissa appearing in the quotation refers to 1/8, which is a multiple of 0.125 cents, so 510.6 represents 511/8×6=510.75 cents, 476.2 represents 476.50 cents, and the mantissas are 2, 4, and 6 They correspond to 0.25, 0.5, and 0.75 cents respectively, which is why 8 never appears in the mantissa, because 8 corresponds to 1.0 cents. CBOT's soybean meal (soybean meal) quotation unit is US dollars per short ton, for example, 132.30 means US$132.30 per short ton. In addition, there are actually 8 CBOT soybean meal trading contracts, but some newspapers announced that there are two missing contracts for January and October. In fact, the October soybean meal contract is very important because the fourth quarter is the time for soybean and soybean meal delivery and Concentrated marketing period after processing. Moreover, CBOT clearly stipulates that for those who engage in arbitrage between September soybeans, October soybean meal, and October soybean oil, the initial margin is discounted to only 50% of the maintenance margin, while ordinary traders must charge 135%, so September soybeans and October soybeans The prices of soybean meal and soybean oil in October are generally very good at explaining the supply and demand relationship between the three.

We are used to quoting in kilograms, kilograms and tons. You can convert CBOT’s quotation into ton price: soybeans: (cents/bushel) × (36.744 bushel/ton) × (USD/100 cents) = 0.36244 (USD/ton). As long as the CBOT soybean quotation is × 0.?36744, the price of USD/ton can be obtained. For example, the closing price of the May soybean contract is 481.2, which is 481.25 cents/bushel, and its price is equivalent to 481.25×0.36744=176.83 US dollars/ton. Soybean meal: (USD/short ton) × (short ton/0.9072 ton) = 1/0.9072 (USD/ton). As long as the CBOT soybean meal quotation is × 1/0.9072, the price in US dollars/ton can be obtained. If the closing price of the May soybean meal contract is 134.40, its price is equivalent to 131.40× (1/0.9072)=144.84 US dollars/ton.