Soybean meal (~260 MMT, $115B+) is the world's largest single source of high-quality plant protein for animal feed and the price benchmark for the entire protein meal complex. Produced as 79-80% co-product of soybean crushing (alongside 18-19% oil). Argentina dominates global exports at ~45% of world trade despite being #3 soybean producer - 31% export tax on meal vs 33% on beans incentivizes domestic crushing (~95% of crop crushed). China is the largest producer AND consumer (78-82 MMT), crushing 100+ MMT imported soybeans for domestic livestock feed - exports almost zero. EU has structural protein deficit, importing 14-16 MMT/year. SE Asia (Indonesia, Vietnam, Thailand, Philippines) is fastest-growing import market driven by poultry/aquaculture expansion. CBOT (ZM) is global price reference. Major dynamics: renewable diesel boom in USA increasing meal byproduct supply, Chinese hog cycle drives indirect demand, two protein tiers (44% USA standard vs 46-48% Argentine/Brazilian dehulled premium), Argentina export tax structure.