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Soybean Meal Pit Sep '16 (SMU16)

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Soybean Meal (Pit) Futures Market News and Commentary

Soybeans Hesitant to Head Higher on Planting Delays

Soybeans are trading with fractional to 3 ¼ cent losses across the nearby contracts on Friday. Soymeal is down $2.30 in the nearby May contract. Soy Oil is showing some strength, up 15 points for May. May options expire across the complex today.  

Planting will likely be put on hold for a few days with the rains expected for the Midwest this weekend. The trade doesn’t seem as concerned as we were already well ahead of average pace and saw a several day window for planting earlier this week.

Soybean conditions in Argentina were steady this week at 30% good according to the Buenos Aires Grain Exchange, as poor ratings were up 1% this week to 24%. The crop is 25% harvested.

May 24 Soybeans  are at $11.59 1/2, down 3 1/4 cents,

Nearby Cash  is at $11.08 1/1, down 3 cents,

Jul 24 Soybeans  are at $11.77, down 2 3/4 cents,

Nov 24 Soybeans  are at $11.75, down 1/2 cent,

New Crop Cash  is at $11.11 1/1, down 1 cents,

On the date of publication,... 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
08/31/16
Expiration Date
09/14/16 (expired)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
310.4 +1.71%
on 09/13/16
339.6 -7.04%
on 08/15/16
-16.8 (-5.05%)
since 08/12/16
3-Month
310.4 +1.71%
on 09/13/16
406.1 -22.26%
on 06/17/16
-88.5 (-21.90%)
since 06/14/16
52-Week
266.0 +18.68%
on 02/26/16
411.3 -23.24%
on 06/10/16
+12.8 (+4.23%)
since 09/14/15

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Wheat Rallying to Round out Strong Week

Wheat bulls are continuing to push the shorts out on Friday, as contracts are up across much of the board. Kansas City continues to lead the way, with gains of 10 to 13 cents at midday. Chicago futures...

ZWK24 : 603-2s (+0.17%)
ZWN24 : 622-2s (+0.28%)
KEK24 : 646-2s (+2.25%)
KEN24 : 654-2s (+2.15%)
MWK24 : 697-2s (+0.90%)
Soybeans Hesitant to Head Higher on Planting Delays

Soybeans are trading with fractional to 3 ¼ cent losses across the nearby contracts on Friday. Soymeal is down $2.30 in the nearby May contract. Soy Oil is showing some strength, up 15 points for May....

ZMN24 : 344.7s (-0.83%)
ZLN24 : 45.54s (+0.24%)
ZSK24 : 1159-4s (-0.28%)
ZSPAUS.CM : 11.0865 (-0.21%)
ZSN24 : 1177-2s (-0.21%)
ZSX24 : 1174-6s (-0.06%)
ZSPX24US.CM : 11.1419 (-0.09%)
Corn Sneaking Higher into the Weekend

Midday action in the corn market has futures showed fractional to 1 cent gains across the front months. Some spillover support form wheat could be attributed to the gains. Rains over the next few days...

ZCK24 : 440-0s (-0.23%)
ZCPAUS.CM : 4.2540 (-0.15%)
ZCN24 : 450-0s (-0.44%)
ZCZ24 : 473-4s (-0.58%)
ZCPZ24US.CM : 4.4242 (-0.60%)
Soybeans Starting Out Lower

Soybeans are trading 5 to 7 cents lower after a round of overnight trade. They rallied off the early midday losses by 10-13 cents on Thursday to close with front months down 1 to 3 ¼ cents and the September...

ZMN24 : 344.7s (-0.83%)
ZLN24 : 45.54s (+0.24%)
ZSK24 : 1159-4s (-0.28%)
ZSPAUS.CM : 11.0865 (-0.21%)
ZSN24 : 1177-2s (-0.21%)
ZSX24 : 1174-6s (-0.06%)
ZSPX24US.CM : 11.1419 (-0.09%)
Wheat Mixed After Overnight Trade

The wheat complex is mixed to begin your Friday morning, with KC showing some slight gains. They extended the bulls winning streak on Thursday. MPLS led the way this time, up 7 to 12 cents, with Kansas...

ZWK24 : 603-2s (+0.17%)
ZWN24 : 622-2s (+0.28%)
KEK24 : 646-2s (+2.25%)
KEN24 : 654-2s (+2.15%)
MWK24 : 697-2s (+0.90%)
Corn Showing Slight Losses on Friday Morning

Overnight trade has corn prices slightly lower this morning. Corn finished Thursday with contracts up 1 ¾ to 5 cents across the board. Futures were helped out by spillover support from wheat and positive...

ZCK24 : 440-0s (-0.23%)
ZCPAUS.CM : 4.2540 (-0.15%)
ZCN24 : 450-0s (-0.44%)
ZCZ24 : 473-4s (-0.58%)
ZCPZ24US.CM : 4.4242 (-0.60%)

Key Turning Points

3rd Resistance Point N/A
2nd Resistance Point 315.7
1st Resistance Point 315.7
Last Price 315.7s
1st Support Level 315.7
2nd Support Level 315.7
3rd Support Level N/A

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52-Week High 411.3
Fibonacci 61.8% 355.8
Fibonacci 50% 338.7
Fibonacci 38.2% 321.5
Last Price 315.7s
52-Week Low 266.0

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