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Soybean Meal Jul '23 (ZMN23)

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Soybean Meal Futures Market News and Commentary

Soybeans Rallying in Overnight Trade

Soybeans are trading 12 to 15 ½ cents higher following a bout of overnight strength. Bean futures rounded out the Wednesday session 4 ½ to 10 ¼ cents higher.  Soymeal continued its weakness, with contracts 30 cents to $3.70/ton lower.  Soy Oil was 16 to 28 points higher across the board.

Deliveries against May soy complex futures slowed, with May BO down to 477 lots and Bunge still stopping them for the house.  There were 11 contracts issued against May meal. There were 386 contracts issued against May bean futures, and that brought the oldest long all the way up to 4/30/24. Of the 386, Bunge stopped 216 for the house account. 

Export Sales data will be released shortly, with the trade range of estimates at 100,000 to 700,000 MT for old crop and up to 200,000 MT for new crop beans sold during the week ending April 25. Soybean meal bookings ideas are running 150,000 to 400,000 MT, with bean oil bookings at a net reduction of 5,000 to sales of 10,000 MT.

The monthly... 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
$2,090/1,900
First Notice Date
06/30/23
Expiration Date
07/14/23 (expired)

Seasonal Chart

Soybean Meal Jul '23
Average Price Chart for 5 Prior Jul Contracts

Commitment of Traders Positions as of Apr 23, 2024

View Chart Details
Commercials - Long / Short
211,556 (-12,287)
243,116 (+16,921)
Non-Commercials - Long / Short
120,442 (+18,194)
105,999 (-9,081)
Producers - Long / Short
110,658 (-10,443)
234,128 (+15,271)
Swap Dealers - Long / Short
96,441 (-3,087)
4,531 (+407)
Managed Money - Long / Short
99,851 (+17,526)
78,442 (-13,620)
Other Reportables - Long / Short
20,591 (+668)
27,557 (+4,539)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
386.5 +11.25%
on 06/15/23
441.2 -2.54%
on 06/21/23
+40.3 (+10.34%)
since 06/14/23
3-Month
386.3 +11.31%
on 05/31/23
468.2 -8.16%
on 04/18/23
-26.8 (-5.87%)
since 04/14/23
52-Week
372.8 +15.34%
on 07/22/22
486.9 -11.69%
on 03/07/23
+38.0 (+9.69%)
since 07/14/22

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ZLN24 : 43.14 (-0.28%)
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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 434.3
2nd Resistance Point 432.1
1st Resistance Point 431.1
Last Price 430.0s
1st Support Level 427.9
2nd Support Level 425.7
3rd Support Level 424.7

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52-Week High 486.9
Fibonacci 61.8% 443.3
Last Price 430.0s
Fibonacci 50% 429.8
Fibonacci 38.2% 416.4
52-Week Low 372.8

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