Composition has value you can’t see. Econ 101 generally says that quality (protein and oil) influences demand, which influences price. Customers want the best soybeans they can get at the lowest price, but pricing gets very complicated in the real world. Everyone sees soybeans top $15 per bushel when China produces more hogs or drought hits South America. When China’s economy slows, or 40 million chickens are culled because of bird flu, soybean prices fall with the chickens. Composition is invisible in elevator checks. But quality still counts.