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Soybean Meal Pit Mar '15 (SMH15)

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Soybean Meal (Pit) Futures Market News and Commentary

Soybeans Mixed as New Crop Leads Charge Higher

Beans are showing weakness in the front months on Tuesday, with July down 3 ¾, as new crop contracts are up 6 to 8 cents. Soymeal is pulling back on Turnaround Tuesday, with contracts down $2 to $3/ton. Soy Oil is looking higher for the second day in a row, as futures are up 55 to 60 points at midday.

There have still been zero deliveries against May soy meal.  There were 16 put out against May BO overnight, with May soybeans seeing none after heavier early deliveries were absorbed. 

US soybean production is expected to be tallied at 4.449 bbu in this Friday WASDE showing the initial 24/25 balance sheet. USDA typically stays with the March Intentions number for planted acreage, as most in the trade expect them to adopt the 52 bpa trendline yield that was used February Outlook forum.  

Stats Canada showed canola stocks on March 31 at 8.263 MMT, a 17.5% increase from last year, with actual soybean stocks down 0.9% at 2.046 MMT. 

Crop Progress data showed 25% of... Read more

Contract Specifications

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Contract
Soybean Meal [Pit]
Contract Size
100 tons (2,000 pounds per ton)
Tick Size
10 cents per ton ($10.00 per contract)
Trading Hours
8:30a.m. - 1:15p.m. CST
Exchange
CBOT
Point Value
$100
Margin/Maintenance
$2,090/1,900
First Notice Date
02/27/15
Expiration Date
03/13/15 (expired)
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Price Performance

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Period Period Low Period High Performance
1-Month
325.2 +3.94%
on 03/06/15
358.1 -5.61%
on 02/24/15
+5.7 (+1.72%)
since 02/13/15
3-Month
322.2 +4.90%
on 01/20/15
368.7 -8.33%
on 12/29/14
-18.3 (-5.14%)
since 12/12/14
52-Week
294.6 +14.73%
on 10/06/14
408.6 -17.28%
on 05/23/14
-26.4 (-7.24%)
since 03/13/14

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Pure Hedge - Livestock and Grain

Grains Much Higher, as Feeders Fall.

Key Turning Points

3rd Resistance Point N/A
2nd Resistance Point 345.3
1st Resistance Point 341.7
Last Price 338.0s
1st Support Level 336.2
2nd Support Level 334.3
3rd Support Level N/A

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52-Week High 408.6
Fibonacci 61.8% 365.1
Fibonacci 50% 351.6
Fibonacci 38.2% 338.1
Last Price 338.0s
52-Week Low 294.6

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