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US Soy Crush Margins Hold Near 5-Year High Despite Q3 Pullback, TPH Says

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US soy crush margins eased to $117 per metric ton in Q3 2026 from $139/mt in Q2 but remained at a new five-year high for the period, TPH Energy said Thursday.

TPH Energy said weaker soybean oil prices drove most of the decline over the quarter, cutting the indicator by $12/mt as lower crude oil and diesel prices pressured renewable diesel and biodiesel margins.

The report said soybean oil generates about 50% of crush margin value despite representing only 18% of production volume. About 54% of US soybean oil is used in the biofuels market, making prices highly sensitive to fuel economics.

Higher soybean feedstock costs reduced the indicator by another $6/mt from Q2. TPH cited the latest World Agricultural Supply and Demand Estimates report, which forecast 9% annual export growth and 5% higher domestic production.

Soybean meal prices slipped 1%, lowering crush margins by $4/mt as broader protein markets weakened. Dried distillers grains and canola meal prices also declined, according to the report.

Despite the quarterly decline, the indicator remains about $40/mt above the five-year average, reflecting margins that continue to exceed midcycle levels, TPH said.

TPH expects strong Renewable Volume Obligations to support soybean oil demand after regulators raised total blending requirements by about 20% this year, with additional increases scheduled for next year.

The firm said these market trends remain most relevant for renewable fuels exposure at Archer-Daniels-Midland (ADM) and Bunge Global (BG), which continue to benefit from supportive long-term biofuel demand.

Price: $83.13, Change: $+0.83, Percent Change: +1.00%

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