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Soybean Meal Jul '24 (ZMN24)

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Soybean Meal Futures Market News and Commentary

Soybean Futures Give Back Most of Their Thursday Gains

Soybean futures were down 9 ¼ to 20 ¾ on Friday, with the old crop contracts giving back nearly all of their impressive Thursday gains.  Soymeal futures settled $2.10 to $2.60 lower, with nearby July $6 above the low of the day.  Soy Oil futures were down 71 to 72 points on an “inside day” technically.  July BO settled 2 cents per pound lower for the week. 

USDA reported a sale of 104,000 MT of soybeans to China under the daily reporting system this morning, all for old crop 2023/24 shipment. 

CFTC Commitment of Traders data for the week ending June 4 showed the managed money spec funds increasing their soybean net short by 45,524 contracts, taking it 59,741 contracts (futures + options).

Oilseed processing association NOPA announced corrections for April NOPA crush, revising it upward to 169.436 million bushels from 166.034 million. NOPA member oil stocks were increased to 1.832 billion lbs from the previous 1.755 billion. 

China Customs reported that May so... Read more

Contract Specifications

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Contract
Soybean Meal
Contract Size
100 tons (2,000 pounds per ton)
Tick Size
10 cents per ton ($10.00 per contract)
Trading Hours
7:00p.m. - 7:45a.m. and 8:30a.m. - 1:20p.m. (Settles 1:15p.m.) (Sun-Fri) CST
Exchange
CBOT
Point Value
$100
Margin/Maintenance
$2,310/2,100
First Notice Date
06/28/24 (19 days)
Expiration Date
07/12/24 (33 days)

Seasonal Chart

Soybean Meal Jul '24
Average Price Chart for 5 Prior Jul Contracts

Commitment of Traders Positions as of Jun 4, 2024

View Chart Details
Commercials - Long / Short
186,344 (+16,034)
303,672 (-6,441)
Non-Commercials - Long / Short
151,919 (-15,377)
54,511 (+1,736)
Producers - Long / Short
82,210 (+6,787)
287,114 (-10,115)
Swap Dealers - Long / Short
94,304 (+5,350)
6,728 (-223)
Managed Money - Long / Short
131,451 (-15,415)
28,011 (+1,680)
Other Reportables - Long / Short
20,468 (+38)
26,500 (+56)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
354.7 +1.69%
on 06/07/24
391.3 -7.82%
on 05/28/24
-22.5 (-5.87%)
since 05/07/24
3-Month
328.9 +9.67%
on 04/03/24
391.3 -7.82%
on 05/28/24
+23.8 (+7.06%)
since 03/07/24
52-Week
326.7 +10.41%
on 02/29/24
434.2 -16.93%
on 11/08/23
+8.3 (+2.36%)
since 06/07/23

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Soybean Futures Give Back Most of Their Thursday Gains

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Key Turning Points

3rd Resistance Point 374.2
2nd Resistance Point 369.1
1st Resistance Point 364.9
Last Price 360.7s
1st Support Level 355.6
2nd Support Level 350.5
3rd Support Level 346.3

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52-Week High 434.2
Fibonacci 61.8% 393.1
Fibonacci 50% 380.4
Fibonacci 38.2% 367.8
Last Price 360.7s
52-Week Low 326.7

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