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Soybean Oil May '24 (ZLK24)

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Soybean Oil Futures Market News and Commentary

Beans Fade Out of Weekend

Soybean futures were 8 ¼ to 10 ½ cents weaker across the front months to start the week. July held above the $12 mark for the close, while May spiked over the $12 mark at the high. Soymeal futures were $2.40 to $2.80 lower on the day. Front month  Soy Oil futures closed 60 to 72 points lower for the day.

Weekly CFTC data showed managed money traders were short covering during the week that ended 3/12. The 13k fewer shorts in play, alongside the 3.8k new longs, reduced their net short to 155k contracts. Commercial soybean hedgers were adding positions during the week for a 53k contract net long as of the Tuesday settle.

USDA reported 686,181 MT of soybeans were exported during the week that ended 3/14. That was a decline from 784k MT last week and from 720k MT during the same week last year. USDA added late reported soybean exports to past weeks which left the season’s total at 35.77 MMT. That compares to 44.06 MMT at this point last year.

NOPA members reported crus... 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
04/30/24 (42 days)
Expiration Date
05/14/24 (56 days)

Seasonal Chart

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

Commitment of Traders Positions as of Mar 12, 2024

View Chart Details
Commercials - Long / Short
254,151 (-11,208)
223,653 (+7,556)
Non-Commercials - Long / Short
112,652 (+2,340)
145,174 (-13,946)
Producers - Long / Short
120,699 (-11,721)
211,450 (+10,405)
Swap Dealers - Long / Short
126,576 (+1,896)
5,327 (-1,466)
Managed Money - Long / Short
74,409 (+11,225)
107,587 (-16,514)
Other Reportables - Long / Short
38,243 (-8,885)
37,587 (+2,568)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
44.18 +10.23%
on 02/23/24
49.80 -2.21%
on 03/18/24
+2.62 (+5.69%)
since 02/16/24
3-Month
44.18 +10.23%
on 02/23/24
51.86 -6.09%
on 12/20/23
-2.36 (-4.62%)
since 12/19/23
52-Week
44.18 +10.23%
on 02/23/24
64.03 -23.94%
on 07/24/23
-6.41 (-11.63%)
since 03/17/23

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Most Recent Stories

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Corn Closed Firm for Monday

The corn market initially tried for gains to start the week though faded back to close UNCH to fractionally lower. The weekly Export Inspections data showed 1.24 MMT of corn was shipped during the week...

ZCK24 : 437-4 (+0.34%)
ZCPAUS.CM : 4.1076 (-0.12%)
ZCN24 : 450-2 (+0.33%)
ZCU24 : 459-4 (+0.33%)
Wheats End Off Highs But Hold Gains

The front month wheat market contracts rallied out of the weekend. Chicago prices ended the day 1 ¼ cents off the session high and 12 to 14 ¼ cents in the black. KC closed 7 ½ to 8 ¼ cents in the black...

ZWK24 : 543-4 (+0.14%)
ZWN24 : 558-0 (+0.09%)
KEK24 : 575-4 (+0.31%)
MWK24 : 653-0 (+0.35%)
Beans Fade Out of Weekend

Soybean futures were 8 ¼ to 10 ½ cents weaker across the front months to start the week. July held above the $12 mark for the close, while May spiked over the $12 mark at the high. Soymeal futures were...

ZMK24 : 333.1 (+0.36%)
ZLK24 : 48.71 (+0.02%)
ZSK24 : 1191-0 (+0.27%)
ZSPAUS.CM : 11.3143 (-0.91%)
ZSN24 : 1205-4 (+0.27%)
ZSQ24 : 1202-2 (+0.27%)
Are Feedlots Current?

Cattle starts the week strong

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Wheat Rallying Double Digits through Midday

Front month wheat prices are trading near their highs at midday with double digit gains. Chicago futures are currently 12 ½ to 13 ¾ cents higher so far. KC wheat prices are working 10 ¾ to 11 ½ cents...

ZWK24 : 543-4 (+0.14%)
ZWN24 : 558-0 (+0.09%)
KEK24 : 575-4 (+0.31%)
MWK24 : 653-0 (+0.35%)
Midday Gains for Monday Corn Market

Corn futures are working fractionally to 1 ¼ cents in the black so far starting the week. The May contract was up by 3 ¾ cents earlier in the session for a 6 ½ cent trading rangeCME reported OI dropped...

ZCK24 : 437-4 (+0.34%)
ZCPAUS.CM : 4.1076 (-0.12%)
ZCN24 : 450-2 (+0.33%)
ZCU24 : 459-4 (+0.33%)
Beans Fading through Monday

Soybeans are ~5 cents off their lows at midday but still 2 to 7 cents in the red. The May contract was above the $12 mark at the session’s high for an 18c trading range so far starting the week. Soymeal...

ZMK24 : 333.1 (+0.36%)
ZLK24 : 48.71 (+0.02%)
ZSK24 : 1191-0 (+0.27%)
ZSPAUS.CM : 11.3143 (-0.91%)
ZSN24 : 1205-4 (+0.27%)
ZSQ24 : 1202-2 (+0.27%)
Wheat Recover Underway for Monday

Wheat prices are back up by 3 to 8 cents across the U.S. markets this morning. The Friday wheat market ended with prices off their lows but still 1 to 8 ¾ cents in the red. Chicago was the firmest on...

ZWK24 : 543-4 (+0.14%)
ZWN24 : 558-0 (+0.09%)
KEK24 : 575-4 (+0.31%)
MWK24 : 653-0 (+0.35%)

Barchart Trading Guide

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

Key Turning Points

3rd Resistance Point 51.28
2nd Resistance Point 50.54
1st Resistance Point 49.62
Last Price 48.71
1st Support Level 47.96
2nd Support Level 47.22
3rd Support Level 46.30

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52-Week High 64.03
Fibonacci 61.8% 56.45
Fibonacci 50% 54.10
Fibonacci 38.2% 51.76
Last Price 48.71
52-Week Low 44.18

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