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Soybean Meal Pit Jul '16 (SMN16)

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Soybean Meal (Pit) Futures Market News and Commentary

Mixed Close for Report Day Soybeans

Old crop beans ended the day with 1 to 1 ¼ cent losses, while the new crop contracts finished as much as 8 ¼ cents in the black. The May soybean contract finished the week with the same 1c loss, but was still up 50 cents through the month of March. Nov beans were UNCH for the week and finished the month up by 53 cents. The new crop soy/corn ratio was 2.483 at the close, which was up from the 2.446 ratio starting the month. Front month Soymeal futures closed Friday with 0.5% losses, which left May with a $1.40 loss on the week but $8.50 higher for the month. Soy Oil futures closed off their highs on Thursday, but still 29 points in the black. May BO was 31 points higher for the week and was 274 points higher for the month of March.  

The March Intentions data showed an 86.510 million acre planted area for 24/25 soybeans. That’s up 2.9 million acres from last year vs the trade estimate to see 1.9 million more bean acres. The largest increase was +700k acres for ND, while MO was... 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
06/30/16
Expiration Date
07/14/16 (expired)
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Price Performance

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Period Period Low Period High Performance
1-Month
370.0 +3.05%
on 07/07/16
407.4 -6.41%
on 06/17/16
-27.3 (-6.68%)
since 06/14/16
3-Month
295.7 +28.95%
on 04/18/16
418.3 -8.85%
on 06/02/16
+88.4 (+30.18%)
since 04/14/16
52-Week
263.3 +44.82%
on 02/26/16
418.3 -8.85%
on 06/02/16
+43.2 (+12.78%)
since 07/14/15

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Wheat Followed Corn’s Rally on Thursday

Despite neutral to bear-friendly NASS data, wheat futures rallied into the 3-day Holiday weekend. The spring wheat futures faded on the higher acreage to close 3 ½ to 6 cents in the red. Chicago prices...

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Corn Rallied into 3-Day Weekend with NASS Data

Thursday’s trading session left the corn market ~6c off the day’s highs, but still 13 to 16 cents in the black. Old crop May ended the week with a 2 ¾ cent gain and finished the last trade day of...

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Mixed Close for Report Day Soybeans

Old crop beans ended the day with 1 to 1 ¼ cent losses, while the new crop contracts finished as much as 8 ¼ cents in the black. The May soybean contract finished the week with the same 1c loss, but...

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Shootin' the Bull about no more cheap corn

With the aspects of cheap corn now out of the picture, those declining cost of gains is now expected to rise.  While not necessarily bullish, the report is in no way bearish.  I think what it will do...

Corn Futures Rally Following Bullish USDA Report

The USDA report showed fewer acres of corn which sent prices sharply higher into the long weekend.

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Corn Rallies Out of Reports

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ZCPAUS.CM : 4.2047 (+3.97%)
ZCN24 : 454-4s (+3.47%)
ZCU24 : 464-4s (+3.57%)
Wheat Futures Up Double Digits

Midday wheat futures are gaining double digits for midday, with prices ~5 cents off their highs. Chicago is up by as much as 2.9% for midday. KC wheat is gaining 8 to 11 cents so far. Spring wheat futures...

ZWK24 : 560-2s (+2.33%)
ZWN24 : 575-6s (+2.31%)
KEK24 : 585-2s (+1.21%)
MWK24 : 645-0s (-0.92%)

Key Turning Points

3rd Resistance Point N/A
2nd Resistance Point 381.3
1st Resistance Point 381.3
Last Price 381.3s
1st Support Level 381.3
2nd Support Level 381.3
3rd Support Level N/A

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52-Week High 418.3
Last Price 381.3s
Fibonacci 61.8% 359.1
Fibonacci 50% 340.8
Fibonacci 38.2% 322.5
52-Week Low 263.3

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