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Soybean Meal Jul '24 (ZMN24)

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Soybean Meal Futures Market News and Commentary

Soybeans Heading Higher to Start New Week

Soybeans are trading 5 to 10 cents higher so far on Monday after coming out of the gates running this morning. Preliminary open interest dropped 32,868 contracts, almost exclusively due to May options expiration. Soymeal is rallying hard at midday, with $7.30 to $8.60 gains. Soy Oil is back lower, with losses of 63 to 64 points.  

The weekly Monday morning Export Inspections report showed just 250,332 MT of soybeans shipped in the week that ended on April 25. That was a 41.9% drop from the previous week and down 38.6% from the same week in 2023. The lead buyer was Japan at 84,142 MT, with 77,696 MT headed to Indonesia, as just 9,257 MT head on its way to China. Cumulative export shipment this marketing year have been 38.748 MMT (1.424 bbu), which is 18.4% below last year during the same period. 

Friday afternoon’s CFTC data release showed spec funds in soybean futures and options cutting 18,861 contracts from their net short position as of April 23 to 149,014 contracts.... 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
06/28/24 (60 days)
Expiration Date
07/12/24 (74 days)

Seasonal Chart

Soybean Meal Jul '24
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
328.9 +7.97%
on 04/03/24
356.0 -0.25%
on 04/29/24
+14.1 (+4.13%)
since 03/28/24
3-Month
326.7 +8.69%
on 02/29/24
368.0 -3.51%
on 01/31/24
-1.5 (-0.42%)
since 01/29/24
52-Week
326.7 +8.69%
on 02/29/24
434.2 -18.22%
on 11/08/23
-35.7 (-9.14%)
since 04/28/23

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Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 350.5
2nd Resistance Point 349.0
1st Resistance Point 346.9
Last Price 354.8
1st Support Level 343.3
2nd Support Level 341.8
3rd Support Level 339.7

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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 354.8
52-Week Low 326.7

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