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Soybean Oil May '23 (ZLK23)

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Soybean Oil Futures Market News and Commentary

Soybeans Drop on Tuesday

Soybean closed Turnaround Tuesday with contracts down 4 ½ to 7 ¼ cents. Soymeal futures were back up on the day, with gains of $2.80 to $6.10/ton. Soy Oil collapsed 131 to 184 points on the session. On Tuesday morning the White House issued an announcement of increased tariffs on Chinese goods, but did not include used cooking oil on the list. 

The weekly Crop Progress report from NASS pegged IA, IL, MI, MN, NE, ND and SD lagging behind the 5-year average planting pace. Limited precip over the next week should allow for planting to catch up in most of those states on the western side.

NOPA data will be updated on Wednesday, as traders are expecting to see April crush at 183.07 mbu. Soy oil stocks are estimated at 1.882 billion lbs. 

The monthly released from CONAB showed expected Brazilian production at 147.68 MMT this morning. That was a 1.16 MMT increase from last month, as the agency increase acreage by 498,000 hectares (1.23 million acres).

May 24 Soybean... Read more

Contract Specifications

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Contract
Soybean Oil
Contract Size
60,000 pounds
Tick Size
0.01 points ($6.00 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
$600
Margin/Maintenance
$1,980/1,800
First Notice Date
04/28/23
Expiration Date
05/12/23 (expired)

Seasonal Chart

Soybean Oil May '23
Average Price Chart for 5 Prior May Contracts

Commitment of Traders Positions as of May 7, 2024

View Chart Details
Commercials - Long / Short
293,066 (+2,695)
242,715 (+7,700)
Non-Commercials - Long / Short
113,697 (+4,100)
165,250 (-789)
Producers - Long / Short
147,192 (+2,593)
228,491 (+5,836)
Swap Dealers - Long / Short
134,867 (-1,534)
3,217 (+228)
Managed Money - Long / Short
70,071 (+2,904)
132,531 (+1,056)
Other Reportables - Long / Short
43,626 (+1,196)
32,719 (-1,845)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
49.89 unch
on 05/12/23
56.06 -11.01%
on 04/19/23
-4.11 (-7.61%)
since 04/12/23
3-Month
49.89 unch
on 05/12/23
63.83 -21.84%
on 02/22/23
-10.77 (-17.75%)
since 02/10/23
52-Week
49.89 unch
on 05/12/23
76.73 -34.98%
on 06/08/22
-21.79 (-30.40%)
since 05/12/22

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Barchart Trading Guide

The Barchart Trading Guide is a Sell Signal with a Weak Signal Strength.

Key Turning Points

3rd Resistance Point 49.89
2nd Resistance Point 49.89
1st Resistance Point 49.89
Last Price 49.89s
1st Support Level 49.89
2nd Support Level 49.89
3rd Support Level 49.89

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52-Week High 76.73
Fibonacci 61.8% 66.48
Fibonacci 50% 63.31
Fibonacci 38.2% 60.14
Last Price 49.89s
52-Week Low 49.89

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