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Soybean Oil Mar '24 (ZLH24)

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Soybean Oil Futures Market News and Commentary

Soybeans Slip into the Close

Soybeans posted 4 to 6 cent losses across most contracts on Friday, as July was up 42 cents on the month. Soymeal saw mixed action with July up $1.10/ton and August down 60 ents. Soy Oil was down 20 points across the nearbys. 

Export Sales data showed bean bookings at 329,427 MT for the week of 5/23 on the higher side of estimates. That was a 17.9% jump on the week and more than double the same week last year. Most were sold to unknown destinations (147,800 MT), with 71,100 MT to China. New crop sales have yet to pick up, at just 6,921 MT for that week, with still 0 MT on the books for China. Meal sales were 265,544 MT for 23/24 sales in the week ending on May 23, with the next MY at 20,239 MT. Bean oil bookings were 10,249 MT, in the middle of trade estimates. 

CFTC data showed managed money spec funds trimming another 12,208 contracts from their net short in soybean futures and options in the week ending on 5/28. That took them to a net short 14,218 contracts as of Tue... 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
02/29/24
Expiration Date
03/14/24 (expired)

Seasonal Chart

Soybean Oil Mar '24
Average Price Chart for 5 Prior Mar Contracts

Commitment of Traders Positions as of May 28, 2024

View Chart Details
Commercials - Long / Short
300,740 (+10,655)
279,476 (+20,229)
Non-Commercials - Long / Short
112,590 (+2,910)
140,854 (-5,104)
Producers - Long / Short
151,766 (+5,500)
259,616 (+17,528)
Swap Dealers - Long / Short
131,471 (+1,911)
2,357 (-543)
Managed Money - Long / Short
63,728 (+1,095)
103,628 (-3,621)
Other Reportables - Long / Short
48,862 (+1,815)
37,226 (-1,483)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
43.57 +10.03%
on 02/23/24
48.01 -0.15%
on 03/14/24
+1.59 (+3.43%)
since 02/14/24
3-Month
43.57 +10.03%
on 02/23/24
51.69 -7.25%
on 12/20/23
-1.77 (-3.56%)
since 12/14/23
52-Week
43.57 +10.03%
on 02/23/24
64.53 -25.71%
on 07/24/23
-6.82 (-12.45%)
since 03/14/23

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Soybeans Slip into the Close

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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 48.06
2nd Resistance Point 48.03
1st Resistance Point 47.99
Last Price 47.94s
1st Support Level 47.92
2nd Support Level 47.89
3rd Support Level 47.85

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52-Week High 64.53
Fibonacci 61.8% 56.52
Fibonacci 50% 54.05
Fibonacci 38.2% 51.58
Last Price 47.94s
52-Week Low 43.57

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